Agrivert Ltd., a U.K.-based provider of waste-recycling facilities,
secured 96 million pounds ($150 million) in refinancing to help complete
two power plants that will turn waste into electricity. Of that amount, the company raised 63 million pounds of debt from GCP
Infrastructure Investments Ltd., it said Friday in an e-mailed
statement.
The 17-year, fixed-rate loan replaces more costly short-term
debt. Existing shareholders have re- invested the remainder as part of
the deal, allowing Alcuin Capital Partners LLP, Agrivert’s private
equity backer, to exit fully. “This financing has simplified and reduced the cost of our borrowing
as well as provided the funding to support a significant growth of our
business,” said Alexander Madden, chief executive officer of Agrivert.
Agrivert will use the money to complete two 3-megawatt anaerobic
digestion plants that break down organic material, in this case food
waste, in the absence of oxygen to produce a biogas that can generate
power. The facilities in Hertfordshire and south Wales are expected to
start working in the middle of next year. U.K. businesses are increasingly funneling food to anaerobic
digestion plants to avoid rising taxes for burying waste underground.
©2015 Bloomberg News
http://www.renewableenergyworld.com/articles/2015/08/agrivert-gets-150-million-to-finish-u-k-waste-to-power-plants.html
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