Iona Capital finances farm-scale anaerobic digestion plants
Iona Capital, the environmentally focused investor, has announced the successful completion of an investment into JFS Howla Hay Biogas Ltd., a joint venture company with developer JFS & Associates Ltd. and a family run Farm in North Yorkshire, England. As an experienced investor in larger anaerobic digestion (AD) transactions, Iona is providing funding for the development of JFS’ pipeline of 20 agricultural AD projects.
JFS & Associates will act as a development partner and construct a new 250 kW AD plant at Howla Hay Farm, Guisborough, North Yorkshire with a planned operational date of January 2014. The farm will provide the required feedstock (manure, slurry, energy crops) to the AD plant to enable generation and sale of renewable electricity to the National Grid thus benefiting from Feed in Tariff Scheme. The UK Government places high priority on the development of the bioenergy industry and the UK target of “zero waste” by 2020. The plant will also take advantage of by-products such as fertilizer and heat.
“This investment is the second of a series of similar investments we have planned with JFS associates,” said Mike Dunn, director of Iona Capital. “These investments serve to demonstrate our on-going commitment to the AD market which now includes both agricultural and food waste AD facilities."
“The team at JFS are grateful for the continued support of Iona Capital,” said Matthew Flint, director of JFS & Associates. “JFS have developed the site at Howla Hay from a concept to a fully consented ‘shovel ready’ site, taking on all of the development risk and costs. Iona then provides the critical investment to fund the construction of an operational plant."