4th Feb 2021 09:44
Alliance News) - JLEN Environmental Assets Group Ltd on Thursday announced it has acquired Codford Biogas Ltd, an food waste anaerobic digestion plant that produces electricity in Wiltshire, England, for GBP19.8 million.
The Guernsey-based investment company focused on environmental infrastructure projects said the acquisition is structured as an initial upfront payment, with a smaller additional amount in deferred consideration for expansion opportunities payable after the acquisition completion. The exact amount will be determined through a valuation exercise undertaken following completion, it added.
JLEN said this is its second acquisition into food waste fuelled anaerobic digestion, further diversifying its portfolio in the waste and wastewater sector and increasing the total capacity of renewable energy assets in the JLEN investment portfolio to 308.5 megawatts.
The company said it acquired Codford Biogas from unnamed private individuals, who will continue to support the business going forward.
"The plant plays an important role in converting waste that would otherwise go to landfill into green electricity to power homes. Specific to the investment, we also value the opportunity to continue to work with some of the founding shareholders in the future years," said Chair Richard Morse.
Shares in JLEN were down 0.4% at 115.50 pence in London on Thursday.
By Zoe Wickens; [email protected]
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