Glennmont Buys U.K. Waste Wood-to-Power Plant for $240 Million

(Bloomberg) — Glennmont Partners, a London-based
renewable-energy fund manager, bought a biomass power project in
the U.K. for 160 million pounds ($240 million).

Glennmont bought the project in Port Talbot, Wales, from
Eco2 Ltd. and Western Log Group on behalf of its Glennmont Clean
Energy Fund Europe II, it said today in an e-mailed statement.
The purchase and further construction of the facility is being
backed by debt arranged by Deutsche Bank AG, alongside Eksport
Kredit Fonden, it said.

The Margam Green Energy Project is expected to start
working in March 2017 and will have 40 megawatts of capacity. It
will use waste wood from Stobart Biomass Products Ltd. under a
long-term fuel supply contract. Babcock Wilcox Volund AS and
Interserve Plc will build the plant.

To contact the reporter on this story:
Louise Downing in London at
ldowning4@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Tony Barrett, Dylan Griffiths

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