June 14 (Renewables Now) - UK investment fund JLEN Environmental Assets Group Ltd (LON:JLEN) today announced its first investment into a large-scale biomass combined heat and power (CHP) type of plant.
JLEN has acquired 100% of Cramlington Renewable Energy Developments Ltd (CRED), which owns a biomass CHP facility in England, and its underlying contracts. The plant processes a mix of biomass fuels to produce 28 MW of electricity and 8 MW of heat, which serve industrial customers and the grid.
The facility is located near the town of Cramlington, Northumberland, and has been in operation since 2018.
CRED collects around 66% of its revenues from long-term subsidies, while long-term contracts bring in an additional 10%.
The financial terms of the acquisition, made on a debt-free basis, were not disclosed.
For the investment group, the deal is part of its diversification strategy.