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21 May 2009 11:13
Ludgate Environmental Fund increases its investment in Europe's largest biogas company to EUR5 million.
Ludgate Environmental Fund Limited, ("LEF" or the "Fund") the AIM-listed investment company focused on the environmental/cleantech sector has announced a further investment of EUR2 million into agri.capital (the "Company"). This additional amount, structured as 10% preferred stock with detachable warrants, brings LEF's total investment in the Company to date to EUR5 million.
Established in 2004, agri.capital develops, owns and operates biogas to power and biomethane to pipeline operations in Germany and Austria. With a portfolio of 32.2 MW of installed capacity, agri.capital is currently the largest biogas producer in Europe.
LEF's additional investment is part of a total EUR60 million fund raising of new equity into agri.capital, with the round being led by TCW Group Inc. The Company will use the new funds to further organic growth, expand its presence in Europe and explore acquisition opportunities. With 44 sites currently under management, agri.capital intends to have approximately 100 additional sites in operation by 2011 increasing installed capacity up to 115 MW.
Peter Stepany, Co-CEO of agri.capital said: "This funding represents a significant milestone for agri.capital. Our goal is to continue as the market-leader in biogas generation in Europe, and we are pleased to have the backing of Ludgate Environmental Fund and other investors in this funding round."
Nick Pople, Director of Ludgate Investments Ltd, Investment Adviser to LEF said: "To complete a funding round of this scale under difficult financial market conditions demonstrates agri.capital's strong market position. This further capital will enable the Company to continue its expansion and maintain its position as Europe's leading biogas producer. Ludgate Environmental Fund is pleased to follow its original investment and participate additionally in this round."
About Ludgate Environmental Fund Limited:
Ludgate Environmental Fund Limited ("LEF" or "the Fund") is a Jersey domiciled closed-ended investment company, listed on AIM. Following the successful investment track record since 2001 of Ludgate Investments Limited (LEF's Investment Adviser), the Fund was launched in August 2007. Further fundraisings in March and November 2008 increased assets in LEF to approximately £50 million.
Applying an active corporate management approach, LEF invests growth capital into environmental/cleantech companies. The underlying drivers within this space are strong, with growing strains on natural resources; rising concerns over waste and pollution; increasing public support; and maturing environmental technologies. Focus sectors of the Fund include alternative energy; waste management and resource recovery; energy efficiency; water management; industrial process advances and emission reduction technologies.
Website: www.ludgateenvironmental.com
Ludgate Environmental Fund:
Chairman, John Shakeshaft +44 (0)20 7591 4800
Ludgate Investments Limited:
Nick Pople / Nigel Meir +44 (0)20 7621 5770
Media Enquiries:
Carbon International Limited
David Hopkins / Samantha Hill +44 (0)20 7483 3343
NOMAD:
PricewaterhouseCoopers LLP
Melville Trimble +44(0)20 7213 8898
Broker:
Fairfax I.S. PLC
Ewan Leggat +44 (0)20 7598 5368
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