Glennmont opens 38MW biomass plant

Glennmont Partners, an investment firm dedicated to clean energy in Europe, has started operations at the 38MW Sleaford straw-fired renewable energy plant.

Sleaford will generate enough electricity to power 65,000 homes as well as providing free heat to local sports clubs and community facilities.

The plant was built by a consortium of Burmeister & Wain Scandinavian Contractor and Burmeister and Wain Energy. Glennmont purchased 100% of the equity in the project in December 2011, and financed the construction through a debt package provided by NIBC Bank NV, RBS, Siemens Bank and Unicredit Bank.

Joost Bergsma, managing partner of Glennmont, comments: 'Sleaford is a landmark deal not only for Glennmont but for the UK biomass industry as a whole.'

Glennmont Partners is creating a diversified portfolio of renewable projects across Europe, utilising technologies which deliver robust and sustainable returns for its investors. Currently managing a portfolio of more than 300MW of biomass, wind and solar power in France, Ireland, Italy, Portugal and the UK, the company is ready to grow its portfolio with early investments from its second fund.