November 6 (Renewables Now) - UK investment firm SDCL Energy Efficiency Income Trust plc (LON:SEIT) has completed the acquisition of a 125-MW cogeneration portfolio in Spain from local construction group Sacyr SA (BME:SCYR).
The portfolio contains five combined heat and power (CHP) facilities totalling 100 MW, two biomass plants sharing 25 MW of capacity and two olive processing facilities.
SDCL said Wednesday it paid around EUR 79 million (USD 87.5m) in cash and drew down some EUR 71 million from its credit facilities to fully repay the project debt finance tied to the portfolio.
The two olive processing facilities use some of the heat from the CHP plants and in turn provide feedstock to the biomass-fired plants for renewable power generation. Surplus heat from the CHP plants is sold to external olive processors, while all electricity produced within the portfolio is fed to the Spanish grid under the regulated energy regime, SDCL explained when announcing the deal in September.
Sacyr will remain on board to provide operation and maintenance (O&M) services.
(EUR 1.0 = USD 1.108)