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Wrexham set for new £25m green energy plant School

31 May 2016

– UK Green Investment Bank plc and Equitix commit £25m to Wrexham green energy plant

– The facility will generate enough electricity annually to power 2,400 homes
– The plant will reduce the equivalent amount of greenhouse gas emitted by 2,800 cars

Construction work will soon commence on a new green energy facility in Wrexham Industrial Estate, North Wales, after developers secured a commitment of £25m from UK Green Investment Bank plc (GIB) and Equitix.

The 5.4 MW biomass plant, the second to be developed by Liverpool-based Green Plan Energy, will generate around 34 GWh of green electricity per annum – enough to power 2,400 number of homes. It will be combined heat and power (CHP) ‘ready’, meaning it has the potential to provide heat to neighbouring manufacturing businesses.

The facility is expected to cut greenhouse gas emissions by approximately 6,000 tonnes CO2e every year – the equivalent of removing 2,800 cars from the road.

The Equitix-managed fund Energy Savings Investment (ESI), in which GIB is a cornerstone investor, is investing £12.25m in the project. An additional £12.75m of private capital has been mobilised from the parallel Equitix Energy Efficiency Fund (EEEF).

Bester Generaciόn UK Limited, part of the Bester Group, has been appointed engineering, procurement and construction (EPC) Contractor and has been awarded a long-term operations and maintenance (O&M) contract. Around 60 jobs will be created during construction of the plant, with 15 full-time positions created upon completion.

Fuel will be supplied by Hadfield Wood Recyclers who have sites in Tilbury, Manchester and Middlesbrough with biomass specialists PBS Energo supplying the plant’s biomass boiler, flue gas cleaning system and electricity generation contract.

Power will be exported to the grid and sold to ENGIE under a long-term power off-take agreement.

Edward Northam, Head of Investment Banking, GIB, said:“Britain’s manufacturing businesses consume huge amounts of heat every year, much of it from non-renewable sources. Dual-purpose plants like Wrexham, which are capable of generating renewable electricity and heat for the benefit of local industry, play an important role in greening the UK economy. Heat isn’t just a bi-product of the electricity generation process; it is a valuable source of energy in itself.”

Geoff Jackson, Chief Executive Officer, Equitix, said: “We are pleased to have reached Financial Close on another CHP ‘ready’ scheme in our energy efficiency portfolio. Once operational, we expect it to deliver beneficial carbon savings and make a significant contribution to the environment and creating a sustainable economy in the UK”. “Equitix is pleased to have achieved this close on behalf of our investors and we expect to close further energy efficiency deals in the coming months.”

About Equitix:

Equitix was established in 2007 and is based in London. Equitix is an integrated core infrastructure asset management and primary project platform and typically invests in UK infrastructure projects with long-term revenue streams across the healthcare, education, social housing, highways and street lighting, offshore transmissions and renewable and waste sectors. Tetragon (TFG) owns 85% of the business; over time, TFG’s holding is expected to decline to approximately 74.8%. Management own the balance. Equitix Investment Management Limited is authorised and regulated by the UK Financial Conduct Authority.

This release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any state or jurisdiction.

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