The acquisition was made through its subsidiary Iona Capital, which was purchased in January this year. The acquisition included 11 Iona-managed biogas assets.
The Groengas Cothen is a 100GWh per annum biomethane facility in the central Wijk bij Duurstede municipality. It will include planned biogenic CO2 capture.
BioValue – which operates across the Netherlands and wider Benelux region – will construct, develop and run the site. It currently has a portfolio of four operational plants and several others in the construction and development phase. The Cothen facility is the latest addition to its portfolio.
Ids Schaap, founder and CEO of BioValue said: “Iona, as an experienced investor and operator in biogas, is an ideal new partner as we look to grow the BioValue business.
“The deal strengthens our balance sheet and ability to develop larger assets whilst complementing our own in-house expertise with the Iona and wider Kanadevia Inova teams.”
Alex Todhunter, investment director at Iona Capital, added: “This is a landmark step for Iona Capital, with its first investment in the Dutch biomethane market, a key growth sector within the European Union. We are delighted to back the BioValue platform and team, who have a strong operational track record as well as capability to develop and build significant greenfield assets.”
Keith Carr, executive vice president asset management at Kanadevia Inova, welcomed the acquisition as “a strong signal of our intentions to develop biomethane assets in a strategic market.”
He continued: “We see this deal as a highly promising bridgehead into Europe’s biomethane market, and a further step towards realizing our vision of becoming a global green utility in the waste infrastructure space.”
Iona received legal advice from Norton Rose provided legal advice, tax advice from RSM and technical advice from SLR and eKwadraat.
Stek provided legal advice, EY provided financial and tax advice and Royal Haskoning provided technical advice to BioValue.
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