BIG bioenergy acquisitions from UK’s Green Investment Bank
Bioenergy Infrastructure Group (BIG) has announced substantial additions its portfolio by acquiring 20 assets from the UK Green Investment Bank.
The assets included as part of the transaction are four biomass and waste-to-energy facilities, 15 anaerobic digestion plants and a materials recovery facility, which combined have a generating capacity of more than 70MW.
BIG was part of a consortium led by investment group Macquarie which agreed to purchase the Green Investment Bank in April and has recently announced the completion of the acquisition.
The acquisition is a significant milestone in BIG’s ambition to more than double its assets over the next five years. Following the transaction, BIG now owns one of the largest portfolios of biomass and WtE facilities in the UK.
Mersey Bioenergy, a 20MW biomass waste-wood plant which will produce enough clean electricity to power the equivalent of 49,000 UK homes per year, is the largest site among BIG’s new assets. The newly acquired facilities are spread around the UK, with 12 sites in Northern Ireland, seven in England and one in Scotland.
“Rising demand for electricity from industry and consumers and the need to treat waste in an environmentally sustainable manner reinforces the importance of investing in biomass and WtE technologies. Over the long term, these facilities will be vital to lighting and heating homes, treating waste, and supporting near-future innovations, such as driverless and electric cars,” said Hamish McPherson, CEO of BIG.
“Biomass and WtE are two bioenergy asset classes capable of achieving the scale necessary to make a meaningful reduction in UK carbon emissions,” said James Samworth, BIG’s CIO.
“BIG is constantly looking for opportunities to grow its portfolio and increase its activity in the market to support its ambitions to develop a long term sustainable business. The incorporation of these assets into BIG’s portfolio is a positive step, and ensures continuity for the companies in the portfolio and their counterparties.”