Bioenergy Infrastructure Group ("BIG”), a platform established to invest and operate biomass plants in the UK, is pleased to announce financial close on its second Energy-from-Waste ("EfW”) project, a £200m, 25MW plant, on a 7.5 acre industrial site in Hull, East Yorkshire.
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BIG was established by cornerstone investor Infracapital, alongside shareholders Helios, Aurium and Foresight Group, to become the leading power producer in UK biomass.
BIG was launched on 1st October, along with the announcement of its first project, the 21.5MW Ince Biopower waste wood to energy plant in Cheshire. Today’s deal is indicative of the momentum behind the Group’s strategy to develop a portfolio of biomass assets, with the associated operational and financial synergies therein, establishing BIG as a leading player in the UK biomass industry.
This deal has been sourced from BIG’s exclusive pipeline of EfW projects, with multiple further opportunities expected to be developed over the next 2 years. The plant, to be named Energy Works Hull, will be controlled by BIG. It has already secured offtake agreements with a 15 year Power Purchase Agreement and a 15 year Contract for Difference ("CfD”) – the first waste to energy project to achieve financial close with a CfD.
Once operational, the plant will generate enough electricity to power 43,000 homes. The EPC contractor is M+W Group and the project has a 10 year O&M agreement with Cofely Limited.
Andy Matthews, Greenfield Director, Infracapital, said:
"We are extremely satisfied by the progress made to date by BIG, which demonstrates Infracapital’s ambition and focus on greenfield development in the UK. The biomass project pipeline is itself indicative of the range of greenfield investment opportunities across the UK and Europe, and we are delighted to be supporting investment in projects that are beneficial to both the economy and the environment.”
Erez Gissin, Founding Managing Partner, Helios, said:
"This investment exemplifies Helios III’s commitment to Distributed Power Generation in the UK, and the project is a great addition to BIG’s portfolio, positioning BIG as an IPP with a diversified fuel supply strategy, world-class contractors, strong offtake agreements, and strategic commitment from its four shareholders.”
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Notes to editors
About Bioenergy Infrastructure Group
Bioenergy Infrastructure Group ("BIG”) is a new independent power producer established to
invest in the greenfield construction of biomass plants in the UK. BIG aims to leverage the
sector-leading expertise, knowledge and relationships within its investor group to deliver a
high quality aggregated portfolio of assets with superior risk-adjusted returns.
Infracapital is a leading European infrastructure investor, managed by M&G Investment
Management, the European investment management arm of Prudential plc. Infracapital has
over £2.4 billion funds under management, and a team of 25 investment professionals with
investment, management and operational expertise. Infracapital’s approach to investment
offers long-term value through the acquisition and active management of a diversified portfolio
of core European infrastructure assets. Target sectors include utilities, essential
transportation, renewables and communications infrastructure. Recent greenfield investment
activity includes the investment in rural broadband supplier Gigaclear and the Swansea Bay
About Aurium Capital Markets LLP
Founded in 2011, Aurium Capital Markets is a multi-strategy alternative investment business,
a key focus of which is the financing of high quality renewables projects across the UK. The
team comprises 9 professionals with extensive experience and proven track record in
structured, project and asset finance, fund management and renewable energy investments.
Aurium was ranked the No 1 UK Solar PV Debt Provider and the No 2 UK Renewables Debt
Provider in April 2015 by InfraDeals.
About Foresight Group LLP
Foresight Group was established in 1984 and today is a leading independent infrastructure
and private equity investment manager with £1.6 billion of assets under management.
Foresight boasts one of the UK’s leading environmental infrastructure investment teams
comprising 12 investment professionals, which has led investment into c. £500 million of UK
environmental assets with a waste processing capacity of around 1 million tonnes per annum,
creating around 100MW of renewable energy capacity and saving more than 560,000 tonnes
per annum of CO2 emissions.
Foresight manages funds cornerstoned by the UK Green Investment Bank and European
Investment Bank, alongside London Waste and Recycling Board and funds raised from
institutional and private investors.
Foresight was named Financier of the Year for the second year running, and Company of the
Year in the 2015 New Energy and Cleantech awards.
Foresight has offices in London, Rome, San Francisco, Nottingham, and Guernsey.
About Helios UK BIG L.P. ("Helios”)
Helios is a partnership formed by Helios III, the latest fund of the Helios Energy Investment
Group, and includes the Phoenix Insurance Company and Meitav Dash Investment House
Helios Energy Investments is a group of infrastructure funds, investing in distributed power
generation plants and renewable energy projects, managing over €150 million, with
investments in more than 80 MW of solar PV, bio-gas, bio-mass and waste to energy power
plants, in Europe and Israel. Helios enjoys a strong group of limited partner investors,
including a number of the leading insurance companies and pension funds in Israel, as well as
high net worth individuals and corporations from Israel and North America.
Phoenix Insurance Company, established 66 years ago, is one of Israel’s largest insurance
companies, managing over USD 40 billion in a diverse portfolio of insurance, pension and
provident funds. The company's portfolio is invested in the following domains: financial
investments, long term non-marketable investments in real estate, PE, infrastructure and nonbank
financing. In the past few years, Phoenix has also focused on investments in renewable
Meitav-Dash is one of Israel’s leading and largest investment houses, with over USD 37 billion
of managed funds from private, corporate and institutional clients in Israel.