Foresight has announced the acquisition of two large scale AD plants as part of the sale of Strutt & Parker (Farms) Limited, one of East Anglia’s oldest and best-known diversified farming businesses.
The Euston and Bay Farm plants are located in Thetford and Newmarket. In combination, the plants will produce c. 95,000MWh of power per annum, which is the energy equivalent of powering 30,000 homes in the UK.
Both plants are fully operational with remaining operating lives of 17 and 18 years for Euston and Bay Farm respectively. On an annual basis, the portfolio will offset approximately 10,700 tonnes of CO2 compared electricity generated from coal. Further investment in the sites will capture all of the CO2 which will be suitable for use in drinks manufacture.
Foresight has established a market leading position in AD having previously invested into 35 greenfield and operational AD plants across the UK and Europe. This acquisition consolidates Foresight’s market position in the UK and enables it to continue to export the team’s deep sector experience to Europe, Australia, North America and beyond.
The transaction is a continuation of the partnership between Foresight and Material Change and its parent company Heathpatch. As part of the deal, Material Change has entered into long term feedstock supply, digestate offtake and management & maintenance services contracts, while Heathpatch are equity investors in the projects.
Commenting on the deal, Charlie Sheldon, Director at Foresight, said: “We are delighted to have completed the acquisition of this AD portfolio alongside our partner Material Change. There is increasing demand from investors for infrastructure assets of this type. We look forward to making further acquisitions as part of our wider AD and energy from waste strategy.”
Charles Course, Material Change Ltd and Heathpatch Ltd said: “We hope that the combination of Foresight’s expertise, and our knowledge and experience in agriculture, waste processing, AD development and operation will make us a first choice for anyone considering the sale, or enhancement, of AD assets.”