30th Aug 2018 12:06
LONDON (Alliance News) - FTSE 100-listed Severn Trent PLC said on Thursday it has acquired renewable energy firm Agrivert Holdings Ltd and its subsidiaries for GBP120 million.
Agrivert produces renewable energy from food waste, with five well-established food waste anaerobic digestion plants and five green and comingled waste composting sites.
Agrivert's operations will be added to Severn Trent's Green Power Business, and the plants will complement Green Power's two operating food waste plants at East and West Birmingham, and will add 106 gigawatt hour per annum off energy generation to the 354GWh currently produced by Severn Trent's renewables portfolio.
"We're delighted to welcome Agrivert UK into the Severn Trent Group. Renewable energy is strategically important to Seven Trent and the UK as a whole as we work towards achieving our decarbonisation targets and delivering attractive shareholder returns. Agrivert UK strengthens our established presence in anaerobic digestion where we have been leaders in the water sector for many years," said Chief Executive Liv Garfield.
Shares in Severn Trent were down 0.2% at 1,969.00 pence on Thursday.
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