JLEN Environmental buys Norfolk AD plant – JLEN Environmental Assets Group is buying Warren Power Limited for an initial consideration, including working capital, of GBP14.8 million, plus possible additional deferred payments up to GBP0.8m. Warren Power owns 100% of the equity in Warren Energy Limited, which holds the rights and operational assets that make up the Warren anaerobic digestion (“AD”) plant.
The Warren AD plant is located in Methwold, Norfolk, was commissioned in December 2015 and became operational in March 2016. The plant has a thermal capacity of c.5MWth and predominantly produces biomethane to be injected to the national gas grid. In addition, the plant also has a 0.5MWe CHP engine and is accredited under the Renewable Heat Incentive (RHI) and Feed-in-Tariff (FiT) schemes.
The Warren AD plant has been acquired from EIS funds managed by Amersham Investment Management Ltd and minority shareholders, Future Biogas Ltd (which already work on five of JLEN’s other six AD plants) will continue to provide management, operations and maintenance services to the AD plant after the acquisition.
The deal increases the total capacity of renewable energy assets in the JLEN investment portfolio to 286.2MW and was funded by JLEN’s revolving credit facility.
JLEN : JLEN Environmental buys Norfolk AD plant
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