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Michelmores’ Energy team has advised Downing LLP on its sale of Redstow Renewables Ltd, an anaerobic digestion plant in Norfolk, to Bio Capital.
The plant commenced its operations in 2015 and has a total capacity of 4.5MW Combined Heat and Power (CHP).
The Redstow plant processes c.75,000 tonnes of energy crop per annum to produce biogas, which is used to generate and sell renewable electricity under the Feed-in Tariff regime or used in driers under the Renewable Heat Incentive scheme. It was built with funding provided by Downing managed funds.
In 2018, the plant began to supply green electricity to nearby RAF Marham, making it the first British military base to run almost entirely on green electricity. The Redstow plant now supplies 95% of the military bases’ electricity.
Redstow’s buyer, Bio Capital, is a platform for investments in the anaerobic digestion sector in the UK. Bio Capital was co-founded as a joint venture between Helios and Equitix.
The Michelmores team was led by Partner Alexandra Watson, together with Head of Energy Ian Holyoak and associate Adam Quint.
Amar Amin, Investment Manager in the Energy and Infrastructure Team at Downing LLP said:
“The sale of Redstow marks the last asset exit of a series of plants developed with Future Biogas, each of which has returned a good outcome for investors. The creation of the private wire to RAF Marham, in particular, was a novel and challenging project to be involved in. Thank you for Michelmores for the support provided on the exit”
Alexandra Watson commented:
“It is a pleasure to support Downing on the last of the Future Biogas JV disposals. Our team has significant experience in the sector and we are pleased to have been able to support Downing on a number of disposals and other projects in recent years.”
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