Case Studies

Bioenergy

Birmingham Bio Power Ltd

In December 2013 the Foresight Fund managed on behalf of the Green Investment Bank completed a £6.6m investment into the £47.8m Birmingham Bio Power project in order to develop a 10.3MW recovered wood gasification plant in Tyseley, Birmingham. The Fund’s equity co-investment of £6.6m was provided by Eternity Capital Management.

The Project, the first of its kind in the UK, is expected to become operational by early 2016. The plant will convert recovered wood into electricity utilising Nexterra’s proprietary gasification technology, a form of advanced thermal treatment for waste where the carbon-based material in the waste is converted into a gas which is then used to raise steam.

Over its expected 20 year lifetime, the plant is forecast to supply enough renewable energy to power c. 17,000 homes each year to deliver a reduction in greenhouse gas emissions of c. 509,000 tonnes of CO2 equivalent and to divert c. 1.3m tonnes of wood from landfill. It is also expected to create more than 100 engineering, construction and project management jobs and 19 full-time jobs once operational.

Evermore Holdings Ltd

In July 2013 Foresight Group and the Green Investment Bank completed a £17.8 million investment into the £75 million Evermore LPS Holdings Limited project. The investment will be used to fund the construction of a 16.2MW wood fuelled Combined Heat and Power station built on a ten acre site in Derry/Londonderry, Northern Ireland.

The Project, which is expected to become operational during 2017, is forecast to be the largest renewable energy project in Northern Ireland, increasing the amount of renewable electricity currently generated in the area by approximately 10%.

Over the expected 20 year lifetime of the project, it is forecast to supply renewable electricity equivalent to the needs of more than 25,000 homes a year, creating 200 construction jobs and more than 20 full-time jobs once operational. Over the project life it is forecast to save over 1.6 million tonnes of wood from landfill and is expected to deliver a reduction in greenhouse gas emissions of around 1.2 million tonnes.

The electricity will be supplied to the National Grid and the heat output will be used by an integrated wood drying facility, supplying fuel for new biomass boilers within Northern Ireland.

East London Biogas Limited

East London Biogas Limited is a £21 million organic waste facility located on a 4.7 acre site on the Sustainable Industry Park "SIP" in Dagenham, East London.

The facility comprises a 30,000 tonnes per annum Anaerobic Digestion ("AD") plant and a 19,000 tonnes per annum In Vessel Composting ("IVC") plant. It is the first AD plant in Central London and generates approximately 1.4MW of electricity annually, sufficient to power approximately 2,000 homes. The facility produces over 36,000 tonnes p.a. of AD digestate and 14,000 tonnes p.a. of compost for agricultural use.

The facility is merchant in nature, with the feedstock coming from segregated food waste and mixed food and green waste produced by local households, commercial and manufacturing enterprises.

Foresight Group funds committed £11 million in total to allow for the construction and operation of the new processing plant. The Foresight Environmental Fund led the project with a £9m investment with the Green Investment Bank Fund also investing £2m and securing an additional £2m in matched equity co-investment from Quercus Asset Management.

Plant construction was completed on time and on budget and formal handover to the O&M contractor occurred on 28 February 2014, with the plant now operating successfully.

Solar

Wymeswold

In November 2013, The Foresight Solar Fund Limited (FSFL:LN) completed a £43.7 million investment acquiring the 32.2MW Wymeswoldsolar Plant, the UK's largest operating 2 ROC solar plant at that time.

The plant is located on a c. 78 hectare, disused WWII airfield in Leicestershire, UK. As the plant was connected to the Grid in March 2013, it received a Renewable Obligation Certificate ("ROC”) rate of 2.0 ROCs/MWh.

Private Equity

AppDNA

Company Background

AppDNA was spun-out of Foresight's portfolio company Camwood in 2010. It rapidly became the leading specialist in Application Migration and Compatibility Software offering its product suite AppDNA and AppTitude and services to blue chip companies around the world. The software enabled enterprise customers and system integrators to automate the testing of application compatibility for operating system upgrades or virtualisation. AppDNA grew from strength to strength, opening offices in Australia, France, Germany and the USA and saw an increase in staff numbers from 7 in 2007 to over 80 in 2011.

Exit

AppDNA was acquired by Citrix Systems for $92m in October 2011, returning £25m in aggregate to Foresight VCT 1, representing a return of 32x the original investment.

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