Altri’s wholly-owned subsidiary, Greenvolt – Energias Renovaveis, has agreed with Equitix Group to acquire Tilbury Green Power Holdings.
Tilbury Green Power owns a fully operational biomass power plant with a net design capacity of 46.3 MW located in the port of Tilbury, Essex, UK. Ownership will be split between the firms, with Greenvolt taking 51% and 49% going to Equitix. The transaction is valued at £246.5 million (€285.2 million).
Tilbury Power Plant is located around 25 miles from central London and is, therefore, strategically located to process waste wood for the area, with few alternatives in the vicinity. Its design is based on conventional grate and boiler technology and plays a key role in meeting the UK’s climate goals by providing renewable baseload capacity.
The plant is built to a robust specification based on proven modern technology and is considered one of the UK’s highest-specification plants concerning fire and deflagration protection systems, said Altri. It benefits from long-term contracts covering all key operational areas; a stable and highly visible cash flow generation, with a remuneration framework underpinned by RPI-indexed ROCs through to 2037; and useful life until 2054. Supply is covered by a 16-year fuel supply agreement covering 100% of the plant’s needs.
As of the year ended 31 December 2020, Tilbury Power Plant reported a turnover of £28.6 million (€33 million), with adjusted EBITDA for the year being £18 million (€20.8 million).
This agreement will allow Greenvolt, supported by Equitix, to follow its ambitious goal of international growth, solidifying its position in the European renewable energy sector.