Equitix investment: £21.1 million
Date acquired: August 2018
Energen Biogas is the largest operational anaerobic digestion (AD) plant in Scotland. Situated in Cumbernauld near Glasgow, it receives 120,000 tonnes of solid and liquid food waste a year from municipal, commercial and industrial sources and benefits from a diverse revenue stream comprising food-waste gate fees (22%), Renewable Obligation Certificates (ROCs) (32%), the sale of electricity (16%) and the supply of biogas (30%).
The plant generates 33GWh of electricity a year, and supplies an additional 44GWh of biogas under a 20-year agreement. It has four ROC-accredited combined heat and power engines, with significant headroom in terms of utilisation.
The Energen Biogas plant produces 95,000 tonnes of digestate a year, a by-product of the AD process. The digestate is PAS110 accredited, which means it can be used as a fertiliser, and is exported to a broad network of farmers under the brand name Energro.
The plant was acquired with the title to the land and on an all-equity basis, with Helios – an experienced investor in the AD space – providing half of the funding.
This was the first in a series of investments Equitix hopes to make in the AD sector via a dedicated platform company it has created called Bio Capital Ltd.