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Iona Capital finances UK CHP plant

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Iona Capital has financed the construction and operations of a new CHP plant in Loughborough, UK.

The plant will be built on GLW Feeds’ site in Shepshed. GLW Feeds is one of the largest independent, family-owned livestock and speciality feed manufacturers in the UK and has a significant heat and power demand all year round.

The facility will be built by Edina UK and will incorporate a 1.5 MW CHP plant and a waste heat boiler to supply all power and heat directly to GLW, helping to reduce its carbon footprint and control energy bills.

At full capacity, the plant will provide enough energy to power the equivalent of around 3,140 homes and heat a further 3,332 homes annually in the UK. It will also be able to cut GLW’s carbon emissions by over 1,485 tonnes per year.

“Iona is very pleased to have worked with GLW in delivering an energy solution that reduces its carbon footprint and ensure a consistent supply of energy to its facility,” said Michael Leclerc, senior investment manager at Iona.

“The installation will also free up capital which would have otherwise been used in the cost of installation.”

Louis White, GLW Feeds’ managing director, commented: “At GLW Feeds, we have been actively working towards reducing our carbon footprint and maximising our environmental sustainability.

“The CHP plant combined with the energy purchase agreement with Iona Capital allows us to continue further capital investment in our plant to increase our overall energy efficiency per tonne of feed produced.

“We now source around 70% of our major raw materials locally to the mill and have already enrolled in global sustainability schemes with other raw materials.

“Furthermore, we have links with Eco2 to provide a Global Warming Potential for the mill and all the feeds that we produce. We are pleased to be able to demonstrate that we can also reduce our carbon footprint through our energy consumption.”