|
Climate Change Capital managed funds announce an investment in UK energy from waste generation company
The Ventus Funds, managed by Climate Change Capital Ltd, the UK investment banking group dedicated to the low carbon economy, are making a substantial investment in PBM Power Limited, a company that generates electricity from waste, it was announced today. The investment is a £4.8m joint venture between Mid-UK Recycling Ltd, Bioflame Ltd and the Ventus Funds.
The proceeds of the investment will be used to construct a 2.5 megawatt energy-from-waste power generation facility located on land owned and managed by Mid-UK Recycling Ltd located at Caythorpe in Lincolnshire. Electricity generated from the site is expected to be equivalent to that consumed by approximately 4,200 homes.
This is a landmark investment in an advanced thermal technology that has been developed by Bioflame Ltd. They have spent 8 yrs bringing the technology to commercial maturity. Bioflame will be responsible for the engineering, procurement and construction (EPC) aspects of the plant which is due to be commissioned later this year.
This is the first development on a commercial scale but Bioflame have a buoyant pipeline of many more similar opportunities and intend to replicate the plant at various facilities already identified across the UK.
Mid-UK Recycling Ltd are an investor and joint-venture partner in PBM Power alongside Bioflame and Ventus. They run the materials recycling facility on which the plant will be built and they will supply the fuel, a waste wood composite, to the plant. Mid-UK Recycling’s resources include over 50 collection vehicles, a 15 acre purpose built facility with a 120,000 tonnes per annum waste management licence, 95% of which they aim to recycle. Mid-UK Recycling also operates a plasterboard recycling plant a co-mingled materials recycling facility and a refuse derived fuel (RDF) processing line.
PBM Power is the latest investment completed by the Ventus Funds which are managed by Climate Change Capital. The Ventus funds will be providing part of the equity finance, while Alliance & Leicester’s specialist renewable team based in London and headed by Ian Lawrence will provide the debt finance package.
Construction work at the site commenced in June 08.
Victor Buchanan, MD of Bioflame and joint owner of PBM, said, “I am delighted to have reached the point were the construction has become a reality. In cutting edge projects such as this it is very important to be able to work with investment partners who are able to contribute real value to the business model going forwards. Both Mid-UK Recycling and the Ventus Funds have made a significant contribution and we look forward to a long and fruitful relationship”
Ashley Turner from Climate Change Capital said, “We are delighted to have completed our investment in PBM Power Limited and see this as the first of many similar applications for this advanced renewable generation technology.”
END
Enquiries:
Climate Change Capital
Daniel Cremin +44 (0)20 7939 5319
dcremin@c-c-capital.com
|
