The Green Investment Group has completed the sale of its shares in 70MW of bioenergy and energy-from-waste assets to the Bioenergy Infrastructure Group.
The transaction was concluded earlier this week with the transfer of its 50 per cent stake in the 10MW Hoddesdon energy-from-waste facility to the new owner.
The plant, which is currently under construction and due to be completed in 2018, will use advanced conversion technology to transform waste into gas which will then be used to generate electricity.
The remaining 50 per cent stake in the facility is owned by the Hancock Renewable Energy Group – a subsidiary of the Canadian company Manulife Financial Corporation. The Bioenergy Infrastructure Group (BIG) has already invested alongside the Manulife Financial Corporation in Energy Works Hull – a 24MW biomass plant due to become operational in 2018.
The latest acquisition forms part of the group’s strategy to double the size of its portfolio, which currently stands at around 125MW, to more than 200MW over the next five years.
BIG chief executive Hamish McPherson said: “The addition of the Hoddesdon facility marks a further expansion in BIG’s portfolio of bioenergy assets, which is now one of the largest in the UK.
“We are pleased to be investing alongside the Hancock Renewable Energy Group in this transaction, providing another example of how institutional co-investment is channelling further capital into this important sector.”
The Green Investment Group (formerly the Green Investment Bank) was sold by the government to a consortium led by Australian bank Macquarie for £2.3 billion in August. The sale was widely criticised due to fears of asset stripping and came just days before the deal with BIG was announced.