Leading UK renewables investor Foresight acquires two AD plants
The Euston and Bay Farm plants are located in Thetford and Newmarket, in Norfolk and Suffolk respectively. Combined, the plants will produce around 95,000 MWh of power annually, equivalent to powering 30,000 homes in the UK. Both plants are operational and are expected to run for a further 17-18 years. It is believed the portfolio will offset around 10,700 tonnes of CO2 compared with electricity generated from coal.
Foresight has previously invested in 35 greenfield and operational AD plants across the UK and Europe. This acquisition is a continuation of the firm’s interest in the bioenergy sector. The transaction is a continuation of the partnership between Foresight and Material Change, and its parent company Heathpatch. As part of the deal, Material Change (which provides services to 7 AD sites) has entered into long-term feedstock supply, digestate offtake and management and maintenance services contracts, while Heathpatch is an equity investor in the projects.
Charlie Sheldon, director at Foresight, said: “We are delighted to have completed the acquisition of this AD portfolio alongside our partner Material Change.
“There is increasing demand from investors for infrastructure assets of this type. We look forward to making further acquisitions as part of our wider AD and energy from waste strategy.”
Charles Course of Material Change and Heathpatch, said: “We are pleased to have further expanded our relationship with Foresight and look forward to developing and enhancing the plants acquired.
“We hope that the combination of Foresight’s experience and our knowledge and experience in agriculture, waste processing, AD development and operation will make us a first choice for anyone considering the sale, or enhancement, of AD assets.”
Further investment in the two plants will capture all of the CO2 which will be used in the drinks manufacturing sector.