Copenhagen Infrastructure Partners (CIP) has agreed to divest its UK biomass facility Kent Renewable Energy Plant to Greenvolt, a Portugal-based company.
The deal was made via CIP's Flagship Fund Copenhagen Infrastructure II K/S (CI II), and Burmeister & Wain Scandinavian Contractor (BWSC).
The transaction is expected to close by October 2024.
CI II, BWSC and original developer Estover took a Final Investment Decision (FID) on the Kent Renewable Energy Plant in August 2016.
The plant was constructed on budget and ahead of time and went into commercial operation in September 2018.
The plant is qualified for the Renewables Obligation Certificate (ROC) regime and Renewable Heat Incentive (RHI) regimes, for power and heat respectively, as one of the last biomass projects in the UK, and performance has continuously improved since operation started, according to the organisation.
The divestment of Kent Renewable Energy Plant marks the fourth exit of biomass investments in the UK since 2019 within CIP’s Flagship Funds.
The four plants have an aggregate installed capacity of 150MW, generating power to 350,000 households and offsetting 800,000 tonnes of CO2 per year.
Florian Küster, partner at CIP, said: “Divestments are an integral part of the CIP business model and play an important role in the continuous rebalancing and optimising of our portfolio. We are pleased to announce the divestment of Kent Renewable Energy Plant in a transaction that recognises the value generated so far by CIP and our co-shareholder BWSC during the development, construction, and operation of the plant.”
Benny Lynge Sørensen, CFO of BWSC and Board member of Kent Power Corporation Limited, said: “BWSC is pleased with the divestment of the Kent Renewable Energy Plant after our active involvement in both the successful development and construction of the plant.
"We look very much forward to working together with Greenvolt as the new owner, in our role as operator of the plant, aligning with our strategy of being an independent service provider for sustainable energy solutions.”
CIP divests UK biomass facility to Greenvolt
