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Glennmont offers refinancing for Sleaford biomass plant in the UK

CTBR Staff Writer Published 21 August 2017

Glennmont Partners has completed refinancing £150m for the 40MW Sleaford biomass plant, located in Lincolnshire, UK.

Sleaford Renewable Energy Project is a straw-fired biomass project, which has been in operation since 2014. The plant is operated by Burmeister & Wain Scandinavian Contractor (BWSC).

The plant provides 2 Renewables Obligation Certificate (ROCs) under the UK renewable energy regime, as a ‘good quality CHP plant’. The plant provides free heat to the local community under the long term offtake contract.

The refinancing has been completed on behalf of its clean energy fund, Glennmont Clean Energy Fund Europe I. 

The refinancing proceeds have been used for repaying the original financing of the project.  

Glennmont Partners CEO Joost Bergsma said: “Glennmont is delighted to be completing one of the largest biomass transactions of 2017 for £150m. This transaction further highlights that biomass is a highly efficient renewable energy technology capable of attracting significant amounts of long term, competitive institutional capital.

“The refinancing complements our strategy of building portfolios of renewable projects diversified by both geography and technology in order to provide predictable returns to investors. The energy market is as diverse as it has ever been with new technologies and new market structures offering investors a wide range of opportunities to invest in clean energy.”

Glennmont raises long-term capital to invest in alternative and renewable power generation projects which include wind farms, biomass power stations, solar parks and small-scale hydro power projects. 

Last month, the company acquired a 10MW operating wind farm located in Central Italy for an undisclosed amount. The acquisition increased its onshore wind portfolio to the extent of 550MW.