Octopus Renewables acquires UK biomass plants from CIP and BWSC
Published by Sarah Smith,
Assistant Editor
Energy Global,
Octopus Renewables, the specialist clean energy investor arm of Octopus Group, has announced the acquisition of two operational UK biomass power plants, with a combined capacity of 85.7 MW, from a joint venture by Copenhagen Infrastructure Partners (CIP) and Burmeister & Wain Scandinavian Contractor (BWSC), in one of the largest deals of its kind in the UK.
The two plants, located in Brigg, North Lincolnshire and Snetterton, East Anglia, have been acquired with investment provided by funds managed by Octopus, one of which includes a recently announced fund cornerstoned by UK workplace pension provider Nest.
Both facilities at Brigg (40.8MW) and Snetterton (44.9MW) are fuelled by a mixture of locally sourced biomass feedstocks. Octopus will manage both sites, adding to the five biomass plants that it currently manages across the UK.
Octopus Renewables is one of the largest investors of utility scale solar power in Europe, as well as one of the leading investors in onshore wind and biomass, managing a global portfolio valued at more than £3 billion.
Rothschild & Co acted as the financial advisor and Herbert Smith Freehills as the legal advisor to Copenhagen Infrastructure Partners on the sale of the assets, while Burgess Salmon was the legal advisor for Octopus on the deal, and EY provided tax structuring advice.
Also part of Octopus Group is the fast-growth green energy company Octopus Energy, which supplies over 2 million households across the UK. In March, Octopus Energy announced its intention to acquire sister company Octopus Renewables, in a move designed to help deliver a cheaper, faster energy transition through technology.
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Read the article online at: https://www.energyglobal.com/bioenergy/30042021/octopus-renewables-acquires-uk-biomass-plants-from-cip-and-bwsc/
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