GLENNMONT Partners, a British renewable-energy fund manager, has acquired a biomass power project in Wales for £160m, the company revealed yesterday.
Glennmont’s clean energy fund – Glennmont Clean Energy Fund Europe II – has bought the Margam Green Energy Project from renewables counterpart ECO2 and timber firm Western Logs Group.
The project will see a new biomass generation plant built in Port Talbot, Wales, that will provide 40 MW of renewable energy to the UK energy markets.
London-based Glennmont is being supported in the acquisition, and the further development, of the project through debt arranged by Deutsche Bank with the support of Eksport Kredit Fonden, Denmark’s export credit agency.
Joost Bergsma, Glennmont’s chief executive, said: “Glennmont is demonstrating an excellent track record of being among the leading investors for producing value in difficult circumstances. Margam is a great example of this and sends a strong message to the market that it is full steam ahead for us.”
Babcock Wilcox Volund and Interserve will build the plant, and Stobart will supply it with fuel from the waste wood market.