Renewable

July 2 (Renewables Now) - Portuguese renewable energy company Greenvolt – Energias Renovaveis SA and funds managed by Equitix Group have completed their joint acquisition of a 43.6-MW biomass power plant in England.

Specifically, Greenvolt and Equitix have taken full control of Tilbury Green Power Holdings Ltd (TPGH), which is the owner of the biomass plant located in the port of Tilbury, Essex.

According to a filing published last month by Portuguese pulp producer Altri SGPS SA (ELI:ALTR), Greenvolt's parent company, the transaction has an enterprise value of GBP 246.5 million (USD 339.3m/EUR 286.3m) and ownership would be split 51/49 between Greenvolt and the Equitix funds.

The biomass plant benefits from long-term contracts that cover all key operational areas and its fuel requirements are fully covered by a 16-year agreement, Aldi previously said.

Tilbury Power reported a turnover of GBP 28.6 million for 2020, with adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the year being GBP 18 million.

(GBP 1.0 = USD 1.376/EUR 1.161)