August 16 (Renewables Now) - UK environmental infrastructure investment fund John Laing Environmental Assets Group Ltd (LON:JLEN) has acquired an anaerobic digestion (AD) plant in Hibaldstow, North Lincolnshire, the latest addition to its portfolio of four AD projects.
The plant, which started operations in September 2014, was bought for GBP 18.1 million (USD 23m/EUR 20.2m), including working capital, from Venture Capital Funds managed by Downing LLP and minority shareholders. It has a thermal capacity of 5 MWth and mainly produces biomethane for injection into the national gas grid. The facility also has a 0.5-MWe combined heat and power (CHP) engine and is accredited under the Renewable Heat Incentive (RHI) and Feed-in-Tariff (FiT) schemes, JLEN said.
Future Biogas Ltd will remain in charge of the plant's management, operations and maintenance after the deal.
"This latest acquisition further underlines the commitment JLEN has to diversifying its portfolio and the value it places in the anaerobic digestion sector," said chairman Richard Morse.
The acquisition, which was funded via the company's revolving credit facility, takes the capacity of JLEN's renewable energy assets to 274.2 MW.
(GBP 1 = USD 1.270/EUR 1.117)