Mountgrange Real Estate Opportunity Fund (MoREOF) has invested £16.7 mln (EUR 19 mln) to facilitate the next phase of the development of a large-scale waste-to-biomass power generation plant in the UK.
Mountgrange Real Estate Opportunity Fund (MoREOF) has invested £16.7 mln (EUR 19 mln) to facilitate the next phase of the development of a large-scale waste-to-biomass power generation plant in the UK.
The £300 mln MoREOF fund is managed by Mountgrange Investment Management (MIM).
The investment manager said that the investment in the site near Peterborough, Cambridgeshire illustrated MIM's growing interest in the renewable energy sector where property-related opportunities are becoming increasingly attractive to investors.
The proposed plant is expected to generate 79 megawatts of electricity per year, enough to power nearly 80,000 homes. The facility will take mixed waste and biomass and apply gasification and modern plasma vitrification techniques to recycle and recover every single element of the waste. As such the energy park will be one of the most sustainable and technologically-advanced plants of its kind in the UK, avoiding the need for any waste to go to landfill.
Peterborough Renewable Energy Ltd (PREL), a subsidiary of Green Energy Parks (GEP), has led this project from inception, identifying the opportunity, designing the scheme and taking it through the planning consent process. MoREOF's investment has secured the development site (with the benefit of the planning consent) which it has conditionally agreed to lease back to PREL. This enables PREL to now focus on taking the project to the next stage of development.
Nabarro, Grant Thornton and Torrin Asset Management advised MoREOF on this project.
