The Bioenergy Infrastructure Group (BIG) has announced that it has raised a further £150 million from three companies to invest in “new UK biomass and waste to energy assets”.
The additional investment has been made by Infracapital, Helios Energy Investments and Aurium Capital Markets, bringing the aggregate funding to over £600 million since the company was established in 2015.
BIG has invested in over 20 projects across the UK, including the 21MW Ince biomass plant in Cheshire, as well as the 20MW Mersey Bio Energy in Widnes and the 24MW Energy Works facility in Hull.
Commenting on the latest wave of investments, Hamish McPherson, BIG’s chief executive, said the company remains committed to the UK’s renewable energy sector.
“We are committed to supporting the UK’s move towards a low-carbon economy, whilst simultaneously contributing to regional job creation and growth. We now look forward to being able to take advantage of new opportunities as the renewable energy sector in the UK institutionalises and enters a consolidation phase,” he stated.
BIG says that in total its facilities will divert over 1 million tonnes of waste from landfill each year and generate enough electricity to power around 250,000 homes in the UK.
Andy Matthews, head of Infracapital, added that the company is pleased to be helping to reduce emissions.
“We are thrilled to be playing an important role in enabling a meaningful reduction in UK carbon emissions via this additional investment in BIG,” he explained.
Mr Matthews added: “BIG is ideally-placed to benefit from the rapidly growing biomass and waste to energy sector and has already made great progress in growing its platform. We are delighted to continue our support.”
As part of the fundraising, Aurium, one of the nvestors, has acquired the equity stake held by BIG co-founder Foresight Group. BIG says however that Foresight “remains a key stakeholder” in the business with an ongoing advisory role and continuing interest in BIG’s success.