(Alliance News) - JLEN Environmental Assets Group Ltd on Thursday said it has invested around GBP11 million into the Peacehill Farm anaerobic digestion plant.
An anaerobic digestion plant converts food and crop waste into biogas, which in turn can be used to generate heat and electricity.
The Peacehill Farm anaerobic digestion plant - located in Wormit, Fife in Scotland - has a thermal capacity of around 5 Megawatt Thermal and predominantly produces biomethane exported to the national gas grid. It also has a 0.25 megawatt electrical combined heat & power engine on site.
The environmental infrastructure project investor said its investment comprises the provision of a debt facility as well as a subscription for a minority equity stake in JLEAG AD Ltd which holds - through its wholly-owned subsidiary Peacehill Gas Ltd - the rights and operational assets at the Peacehill Farm plant.
JLEN Environmental said the investment, which was funded by a draw-down under its revolving credit facility, increases the total capacity of renewable energy assets in its portfolio to 302.9 megawatts.
"We are pleased to build upon our growing portfolio of agricultural anaerobic digestion plants through the acquisition of the Peacehill Farm anaerobic digestion plant. As with our other anaerobic digestion plants, it has a proven operational history and is supported by a high proportion of inflation-linked revenues backed by government subsidy regimes. We look forward to working with our partners at Peacehill Farm," said JLEN Chair Richard Morse.
The stock closed 0.9% lower at 108.00 pence each on Thursday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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