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23 Mar 2021 | 07:41

Jlen buys Nottinghamshire anaerobic digestion plant

(Sharecast News) - Environmental infrastructure investor Jlen announced the acquisition of a 100% equity stake in Rainworth Energy (REL) for £5.8m on Tuesday, subject to adjustment for working capital. The FTSE 250 company said REL holds the rights and operational assets that make up the 2.2MW Rainworth anaerobic digestion electrical plant in Nottinghamshire, close to Jlen's existing Biogas Meden plant.

It said the plant had been operational since 2016, and supplies both heat and power to Center Parcs' Sherwood Forest resort.

The plant was permitted to accept up to 42,400 tonnes of feedstock per year, and was accredited under both the feed-in tariff and the Renewable Heat Incentive schemes.

Jlen said the plant was acquired from a consortium of sellers.

The board said the investment represented a further acquisition in the UK agricultural anaerobic digestion market, where it was a "leading" investor.

Jlen said it had an established anaerobic digestion portfolio with a strong operational track record.

The acquisition increased the total capacity of renewable energy assets in its portfolio to 310.7MW, with the investment funded by a drawdown from its revolving credit facility.

"We are pleased with Jlen's latest investment into the anaerobic digestion sector, bringing the total number of agricultural anaerobic digestion plants in the portfolio to nine," said chairman Richard Morse.

"We look forward to supplying Center Parcs with a combination of renewable heat and electricity and providing organic fertiliser to the local farming community."

At 0818 GMT, shares in Jlen Environmental Assets Group were down 0.11% at 110.38p.
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