Bioenergy Infrastructure Group invests in 10MW UK-based waste-to-energy facility
Bioenergy Infrastructure Group, a UK-based biomass and waste-to-energy investor specialist, has announced the addition of the Hertfordshire-based Hoddesdon waste-to-energy facility to its portfolio of bioenergy assets.
Hoddesdon is a 10MW advanced conversion technology (ACT) plant that uses refuse-derived fuel (RDF) to generate renewable electricity for the national grid.
Situated to the north of London, the facility has the capacity to power the equivalent of over 24,000 homes per annum.
BIG’s investment in Hoddesdon concludes the recent transaction with the Green Investment Group, which was announced in August.
The transaction furthers BIG’s ambition to strengthen its position as one of the leading investors in bioenergy by more than doubling its assets over the next five years, diversifying its projects and utilising its sector knowledge and investment experience to drive the institutionalisation of the asset class.
BIG’s investment in Hoddesdon is being made in partnership with the Hancock Renewable Energy Group, a unit of the Hancock Natural Resource Group, which is a subsidiary of Toronto-based Manulife Financial Corp.
BIG and Hancock’s co-investment in Hoddesdon is the second project between the two companies to develop UK waste-to-energy facilities.
Their first collaboration, Energy Works Hull, is a 24MW biomass plant due to be operational in 2018, which will provide enough energy to power the equivalent of one-third of all the homes in Hull and will be capable of diverting approximately 250,000 tonnes of commercial and industrial waste from landfill per year.
Commenting on the transaction, Hamish McPherson, CEO of BIG, said: “The addition of the Hoddesdon facility marks a further expansion in BIG’s portfolio of bioenergy assets, which is now one of the largest in the UK.
“We are pleased to be investing alongside the Hancock Renewable Energy Group in this transaction, providing another example of how institutional co-investment is channelling further capital into this important sector.”