CIP closes GBP-250m refinancing of UK biomass plants

Fund manager Copenhagen Infrastructure Partners K/S (CIP) announced on Thursday it has concluded a GBP-250-million (USD330m/EUR 279m) refinancing of its interest in two straw-fired biomass power plants in the UK.

Royal Bank of Scotland, Investec, Aviva Investors and “one other major institutional investor” have provided senior debt to refinance the initial investment made by the fund Copenhagen Infrastructure I K/S (CI I) for the development and construction of the Briggs and Snetterton facilities. The fund has kept its ownership interest in the two plants with a combined capacity of 84 MW, which are now operational.

The 40-MW Briggs facility was built in Lincolnshire and started operations in January 2016, receiving 1.5 Renewable Obligation Certificates (ROCs). On the other hand, Snetterton has a capacity of 44 MW and has been operating at a site in Norfolk, East Anglia since April 2017. It is accredited for 1.4 ROCs.

Both facilities are capable of running on variable fuel mixes, co-firing straw with rape, miscanthus and woodchips. They are owned by a joint venture between Burmeister & Wain Scandinavian Contractor A/S (BWSC), CIP and PensionDanmark.

(GBP 1.0 = USD 1.318/EUR 1.116)

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