Land Energy is pleased to announce the sale of its wood pellet manufacturing operation in Bridgend, South Wales to Foresight Group LLP ("Foresight”).
Land Energy has operated the facility in Bridgend for three years and successfully re-engineered the plant and built up operations to maximise output at a capacity of 30,000 tonnes per annum and service new markets.
Foresight has been a Land Energy shareholder since 2008 and the Bridgend sale, via a share swap with the founder shareholders, sees Foresight ending its shareholding in Land Energy and stepping down from the main Land Energy Board.
Land Energy is seeking to re-focus operations on its energy supply services business and its new wood pelleting and biomass CHP plant in Girvan, Scotland which is due to start operations in Summer 2012.
John Westmacott, Land Energy MD, commented: ”The sale fits in well with our plans to re-focus on energy services and around operations at our new plant in Girvan.”
Tom Thorp, Foresight Investor Director responsible for the Bridgend plant, commented: "This acquisition fits well with our diverse portfolio and we are looking forward to growing substantially the operations at Bridgend to satisfy both existing as well as new markets that we see emerging. The operation will be run alongside our other ongoing wood pellet operations.”
Business as usual
For all employees, it will be business as usual. The business has a strong order book and will continue to work with the existing team of employees.
Foresight will be bringing additional investment and opportunities to Abacus with a view to expanding operations over the next 12-24 months.
For further information, please contact:
Ben Thompson: firstname.lastname@example.org +44 (0)1732 471855
About Land Energy
Land Energy is a renewable energy business focused on commercialising biomass as a clean, green source of energy for commercial users.
About Foresight Group LLP
Foresight Group LLP ("Foresight”) is an independent alternative asset manager, which focuses primarily on investments in unquoted UK and European companies or projects and offers investors exclusive access to attractive income and growth opportunities.
Foresight has in excess of £600 million assets under management across a number of funds, including Limited Partnerships, Enterprise Investment Schemes (EIS) and Venture Capital Trusts (VCTs).
In the solar sector, Foresight’s solar funds have already invested in more than £300 million of operating PV assets in Italy, UK and Spain.
Foresight recently successfully closed fundraisings for Foresight Solar VCT at £38m and Foresight Solar EIS at £27.5m and has launched a £30m fundraising for Infrastructure VCT Shares, which targets investments in the Secondary PFI, Onsite Energy (including Solar) and Energy Efficiency sectors.
Other investments made by Foresight in the environmental infrastructure sector have included 2K Manufacturing, which will manufacture a plywood substitute from waste plastics; Closed Loop Recycling, the UK’s first recycler of waste plastic bottles back into food packaging material and O-Gen UK, which generates renewable electricity from biomass