Greensphere buys Welsh biomass plant
Greensphere Capital has acquired a biomass-fired power plant in Wales.
The 14.7MWe Western Bio-Energy in Port Talbot was purchased with funds managed by Greensphere on behalf on the UK Green Investment Bank (GIB), Stobart and Signia investors. Greensphere says it led the deal and will manage the investment.
Opened in 2008, the plant burns approximately 150,000 tonnes a year of feedstock to generate electricity to power 28,800 homes. Greensphere will invest to upgrade the plant and implement plans to increase the quantity of Grade A waste wood that the plant can convert to power.
Stobart Biomass Products will be sourcing the feedstock materials for the plant and recently signed a master framework agreement with Greensphere to supply up to 1 million tonnes a year of biomass into the Port of Talbot plant, in addition to other facilities in the future.
'This investment will secure the long-term future of an important Welsh renewable energy plant and will improve its efficiency and sustainability,' says Shaun Kingsbury, CEO of UK GIB. 'The Greensphere fund was set up, in part, to help support the UK's waste wood biomass sector and its first acquisition of an operational asset is an important step.'