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Octopus Renewables, the specialist clean energy investor arm of Octopus Group, has announced the acquisition of two operational UK biomass power plants, with a combined capacity of 85.7 MW, from a joint venture by Copenhagen Infrastructure Partners (CIP) and Burmeister & Wain Scandinavian Contractor (BWSC), in one of the largest deals of its kind in the UK.
The two plants, located in Brigg, North Lincolnshire and Snetterton, East Anglia, have been acquired with investment provided by funds managed by Octopus, one of which includes a recently announced fund cornerstoned by UK workplace pension provider Nest.
Both facilities at Brigg (40.8MW) and Snetterton (44.9MW) are fuelled by a mixture of locally sourced biomass feedstocks. Octopus will manage both sites, adding to the five biomass plants that it currently manages across the UK.
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Octopus Renewables leverages Nest investment and acquires biomass plants
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Octopus Renewables leverages Nest investment and acquires biomass plants
Octopus Renewables has acquired two operational UK biomass power plants in one of the largest domestic deals of its kind.
Image: Octopus Energy
Octopus Renewables Infrastructure Trust, part of the Octopus Group, has secured a €43 million (£37m) loan that will allow the company to finance a newly acquired onshore wind farm in France.
The finance, provided by the French investment bank Societe Generale, is predicted to fund the construction, commissioning, operation and maintenance of the 24MW Cerisou wind project.
Acquired in October last year, the project is expected to be fully operational next year.
Chris Gaydon, Investment Director at Octopus Renewables, said: “The competitiveness of the financial and commercial terms achieved with Societe Generale will allow the company to optimise returns and cash yield as well as maximising operational flexibility.”
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