The UK’s Bioenergy Infrastructure Group, an independent power producer specializing in the biomass and waste to energy sector, has completed a new equity raise from its existing shareholders to fund the next stage in its growth and development.
The injection of capital marks a significant milestone in the development not only of BIG but also in the biomass and waste to energy sector, which is growing rapidly and already supplies around 20 percent of the UK’s renewable energy. As part of its continuing growth strategy, BIG has earmarked the funds to invest in new UK biomass and waste to energy assets to expand its existing portfolio and benefit from increased scale and diversification.
BIG has invested in over 20 projects across the UK, including Energy Works Hull, a 24MW facility in Hull, East Yorkshire; Ince Bio Power, a 21MW facility in Ince, Cheshire; and Mersey Bio Energy, a 20MW facility in Widnes, Cheshire. BIG has over 100MW of operational and late-stage construction assets, which will divert over 1 million tonnes of waste from landfill each year and generate enough electricity to power around 250,000 homes in the UK.
“We have achieved a leading position in the UK’s biomass and waste to energy sectors by establishing a diversified portfolio of assets with scale and operational synergies,” said Hamish McPherson, Chief Executive Officer, BIG. “This significant new commitment of capital underscores our shareholders’ long-term commitment to BIG and the biomass and waste to energy sector.”
Erez Gissin, Managing Partner, Helios, said, “Helios has been a founding investor of BIG since its inception and is proud to join our UK partners with significant further equity contribution as part of Helios’ broad renewable energy investments in the UK market.”
As part of the fundraising, Aurium has acquired the equity stake held by BIG co-founder Foresight Group. Foresight remains a key stakeholder in the business with an ongoing advisory role and continuing interest in BIG’s success.
McPherson added, “We would like to take this opportunity to thank all the team at Foresight for their unwavering support over the last three years and their contribution to the growth and development of the company.”