Foresight Group has acquired a 2.5MW anaerobic digestion (AD) plant in Norfolk, UK. The plant processes around 40,000 tonnes of agricultural feedstock annually to produce power for sale to the grid. The facility also benefits from the associated Feed-in Tariff (FiT) income, as well as Renewable Heat Incentive (RHI) revenue from on-site waste heat utilisation.
Foresight has achieved a market-leading position in the AD sector, having established a portfolio of 40 greenfield and operational AD plants across the UK and Europe. The acquisition is a continuation of the AD and composting partnership between Foresight and Material Change, and its parent company Heathpatch. As part of the agreement, Material Change has entered into long-term feedstock supply, digestate offtake and management and maintenance services contracts, while Heathpatch is an equity investor in the project.
“Foresight is pleased to have finished 2019 with another AD acquisition, working with our partner Material Change,” said Robert Guest, director at Foresight. “Thanks to all those at Deloitte, Pinsent Masons, Fichtner, Willis and PIB who advised us and helped to close this deal. We look forward to seeing what we can achieve in 2020.”
Charles Course of Material Change and Heathpatch added: “We are delighted to have co-invested into a contracted with this plant as part of our partnership with Foresight. It complements the two Suffolk plants we secured together in 2019 as well as the two other Norfolk plants that Material Change has acquired separately in the same year. We look forward to building further on our now significant scale and market presence in UK AD and composting.”