LONDON. Greencoat Capital is pleased to announce it has signed an agreement to acquire 100% of Templeborough Biomass Power Plant Ltd (“TBPP”) from Copenhagen Infrastructure Partners (“CIP”).
The investment is being made on behalf of a number of Greencoat Capital’s pension fund clients, and represents the company’s first move into bioenergy assets following the arrival of the bioenergy team earlier this year. As with Greencoat Capital’s other strategies in renewable infrastructure, bioenergy assets provide stable, inflation-linked returns, with low correlation to the broader economy.
TBPP owns a waste wood biomass plant in Rotherham, UK which commenced operations at the beginning of 2019. It has a net capacity in excess of 40MW, generating low carbon electricity using locally sourced waste wood. The plant’s capacity is sufficient to power 78,000 homes and offset 150,000 tonnes of CO2 per year.
Development and construction of the asset was financed by CIP through its CI-II fund, successfully stewarding the project from planning stages in 2015 to commercial operations in 2019.
Minal Patel, Partner at Greencoat Capital, said: “We are proud to have made our first investment, and delighted with the asset that CIP has developed. Greencoat has demonstrated sector leading performance with both its wind and solar strategies, and we look forward to replicating that in the bioenergy sector where we see a significant pipeline of investment opportunities.”
“We are pleased to announce that we have reached an agreement with Greencoat to divest our 100% stake in TBPP. CI-II acquired the project in 2015, financed its construction, and successfully reached commercial operations in February 2019. Since then the plant has been steadily generating renewable power from locally sourced waste wood. We would like to congratulate the new owners on the successful acquisition of a great project”, said Christina Sørensen, Senior Partner at CIP, said
Rothschild & Co and Mirae Asset Daewoo Co., Ltd. acted as financial advisers to CIP, while Evercore, Poyry and Eco2 advised Greencoat.
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Tom Rayner: +44 20 7832 9400 / firstname.lastname@example.org
Copenhagen Infrastructure Partners
Lise Holmegaard Larsen: +45 70 70 51 51 / email@example.com
Notes to Editors
About Greencoat Capital – www.greencoat-capital.com
Greencoat Capital LLP is a specialist asset manager dedicated to the resource efficiency and renewable energy sectors. It has offices in London and Dublin and more than £4bn under management, making it one of the largest such fund managers in Europe. It was founded in 2009 and currently has fund mandates with segregated strategies in wind infrastructure, solar infrastructure and biomass.
About Copenhagen Infrastructure Partners
Copenhagen Infrastructure Partners P/S (CIP) is a fund management company focused on energy infrastructure including offshore wind, onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, and other energy assets like reserve capacity and storage. CIP has approximately 110 employees and offices in Copenhagen, Taipei, New York, Tokyo, Utrecht, and London.
CIP manages six funds and has more than EUR 8 bn under management. CI I, CI A I and CI A II have PensionDanmark as founding- and sole investor. CI II has 19 Danish and international institutional investors and CI III has 42 institutional investors from the Nordics, Continental Europe, the UK, Israel, Asia, Australia, and multi-lateral organizations e.g. EIB. CI NMF I has 15 investors from the Nordics and Continental Europe.
CIP was founded in 2012 by senior executives from the energy industry in cooperation with Pension Denmark.