We are delighted to have acted once again for renewable energy developer Eco2 and its JV partner Temporis Capital on the sale of the Port Clarence Energy project to Glennmont Partners. The sale is part of a £160m investment programme that will lead to the building of the 40 MW facility at Able Clarence Port.
The project began two years ago and was jointly developed by Eco2 and Temporis Capital on behalf of Port Clarence Energy Ltd.
The wood-fired biomass power station will be financed with equity from a fund managed by Glennmont Partners and debt arranged and provided by Deutsche Bank and Danske Bank, supported by EKF.
Once commissioned in 2018, the power plant will generate enough renewable energy to power 70,000 houses. Eco2 Ltd will continue to be responsible for managing the facility once it is commissioned.
The transaction was structured by way of a share sale and involved a detailed and complex due diligence and disclosure exercise, both of which our dedicated energy team coordinated and managed. Christian Farrow led the Acuity team with the support of Jon Lawley and Natalie Jones.
Acuity has been Eco2's retained legal advisers for a number of years and we are pleased to continue to assist the company's growth plans.
Darren Williams, Eco2’s commercial director, said: "We would like to thank Acuity for its assistance throughout this transaction. An innovative business like Eco2 needs dedicated and commercially aware advisers. In Acuity we have found the ideal partner to help us through the legal complexities of transactions and to provide a highly effective and commercial service. We value the personal service and proactive solutions that the team at Acuity provides whilst maintaining high levels of technical expertise."
CEO of Eco2 David Williams added: "Successfully completing this sale is testament to the calibre and dedication of the Eco2 team, who I am proud to say have worked tirelessly to achieve success. Over the last two years alone, we have raised a total of around £0.75bn through the sale of four biomass plants, and as a team have amassed unrivalled experience in the development, construction and operation of over 510MW of biomass projects throughout the world."
Acuity continues to work with Eco2 to develop biomass projects in the UK and overseas.
Chairman of Acuity, Steve Berry, commented: "We at Acuity are proud to have Eco2 as a long standing client. Our business model is to support dynamic and entrepreneurial clients and Eco2 fits this profile. The Acuity team has the specialist corporate, finance and real estate skills required to advice on high value capital projects and we look forward to celebrating further successes with Eco2 in the future."
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