ENGIE acquires UK-based biomethane producer Ixora Energy
The acquisition, secured for £64.8 million (€74.6 million), was made from the responsible investment manager, Downing LLP.
This strategic move marks the addition of three new production units to ENGIE’s portfolio, which are located in Devon and Somerset, collectively generating c. 160 GWh of biomethane annually.
It also consolidates its pipeline of projects in this crucial market, according to ENGIE.
ENGIE is a prominent biomethane producer in France, with an installed production capacity at 670 GWh as of 30 June 2023. This acquisition sees it continue to expand in Europe, and accelerates its development in the UK.
With a target of 10 TWh per year of capacity by 2030 in Europe, this acquisition is a significant step after the release of an increased ambition earlier this year, said ENGIE.
The Group's sustained investment in biomethane complements its goal of achieving net zero carbon emissions by 2045 and meeting the decarbonization needs of its customers.
Cécile Prévieu, ENGIE executive vice president in charge of networks activities, stated: “This acquisition resonates deeply with our commitment to a diversified energy mix where biomethane stands as a pivotal force in Europe's decarbonisation and energy sovereignty, while ensuring a resilient and affordable energy transition. In this way, ENGIE is committed to contributed to the UK's goals for renewable energy and decarbonisation.”
Darren Stockley, managing director of Ixora, commented: “The Ixora team are excited to join ENGIE and to be part of their ambitions for the UK’s green energy future. This marks a significant opportunity, and we believe that the combined expertise and experience of the companies will create a powerful synergy. We look forward to contributing to ENGIE’s commitment to reach net zero carbon by 2045.“