Waen, St Asaph, Denbighshire (PRWEB UK) 1 November 2012
Iona Capital, the environmentally focussed investor, has today announced the successful completion of the £7m investment in Biogen Waen Ltd, a joint venture company with Biogen, the UK’s leading Anaerobic Digestion (“AD”) company. The awarded contract is for 15 years and has a secured waste stream provided by the Consortium of Denbighshire County Council, Conwy County Borough Council and Flintshire County Council.
This is Iona’s second investment in the development of Welsh AD infrastructure under the Welsh Government's sponsored organic waste program.
Biogen will construct and operate a new 22,500 tonnes per annum AD plant at Waen, St Asaph, Denbighshire to process the food waste supplied by the Councils from local households and businesses together with additional third party food waste.
The key elements of the contract are:
the contract will be between the Councils and Biogen Waen
the term is 15 years with an option to extend for a further 5 years
it guarantees a supply of food waste to the facility at a fixed price
it takes advantage of Government renewable incentive scheme
The AD plant will process food waste to generate 1MWe of renewable energy for the national grid, and produce a biofertiliser for local farmlands. This plant will provide sufficient power for 1,500 homes continually for a year.
This type of technology is a recognised solution to the UK Government's stated objectives in complying with both EU landfill targets and de-carbonising the UK electricity market and the electricity generated will benefit from premium selling prices through the Feed-in Tariff scheme.
Nick Ross, Director, Iona Capital said: “This is a second project we have completed in Wales and we are delighted to have worked successfully again in partnership with Biogen and the Welsh Government. These projects are the first local authority backed schemes focussed on Anaerobic Digestion and we are pleased to have been able to support such an innovative regional infrastructure program.”
If you'd like more information about this topic, or to schedule an interview with the Iona team please call Julia Safiullina at 0207 629 9166 or e-mail Julia at jsafiullina(at)ionacapital(dot)co(dot)uk
Please visit our website http://www.ionacapital.co.uk
Notes to Editors
Biogen is responsible for the design, build, ownership and operation of 16 anaerobic digestion plants to date and provides food waste treatment services to a wide range of customers including major food retailers, food producers, and many local authorities across England and Wales.
The company currently operates 2 food waste anaerobic digestion plants in Bedfordshire and Northamptonshire which process a combined total of 89,000 tonnes of food waste. The plants generate enough electricity for over 6,000 homes continually for a year and a valuable fertiliser for farmland.
For further information on anaerobic digestion visit http://www.biogengreenfinch.co.uk
For further information on the project visit http://www.biogengreenfinch-waen.co.uk/english/index.php
Iona Capital provides equity and subordinated debt into waste projects which have a renewable element. This may include the production of methane gas for conversion into electricity or heat and the recovery of recyclable materials.
Iona develops strategic partnerships and uses sector-specific expertise and financial skills to achieve profitable growth for their investors who range from individuals to large local authority pension funds. For more information please see http://www.ionacapital.co.uk
DWPF is responsible for creating financial models and providing professional advice on optimal financing structure. For more information please see http://www.dwpf.com