Bioenergy Infrastructure Group, an independent power producer specializing in the biomass and waste-to-energy sector, recently announced the completion of a new equity raise from its existing shareholders to fund the next stage in its growth and development.
An additional &pound;150 million investment has been made by Infracapital, Helios Energy Investments and Aurium Capital Markets, bringing the aggregate funding to over &pound;600 million since the company was established in 2015.
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 U.K.&rsquo;s renewable energy. As part of its continuing growth strategy, BIG has earmarked the funds to invest in new U.K. biomass and waste to energy assets to expand its existing portfolio and benefit from increased scale and diversification.
&ldquo;We are committed to supporting the U.K.&rsquo;s move towards a low-carbon economy, whilst simultaneously contributing to regional job creation and growth. We now look forward to being able to take advantage of new opportunities as the renewable energy sector in the U.K. institutionalizes and enters a consolidation phase,&rdquo; said Hamish McPherson, CEO of BIG.
BIG has invested in over 20 projects across the U.K., including Energy Works Hull, a 24 MW facility in Hull, East Yorkshire; Ince Bio Power, a 21MW facility in Ince, Cheshire; and Mersey Bio Energy, a 20 MW facility in Widnes, Cheshire. BIG has over 100 MW of operational and late-stage construction assets, which will divert over 1 million metric tons of waste from landfill each year and generate enough electricity to power around 250,000 homes in the U.K.
&ldquo;We have achieved a leading position in the U.K.&rsquo;s biomass and waste to energy sectors by establishing a diversified portfolio of assets with scale and operational synergies,&rdquo; McPherson continued. &ldquo;This significant new commitment of capital underscores our shareholders&rsquo; long-term commitment to BIG and the biomass and waste to energy sector.&rdquo;
Andy Matthews, head of greenfield, Infracapital, said, &ldquo;We are thrilled to be playing an important role in enabling a meaningful reduction in U.K. carbon emissions via this additional investment in BIG. BIG is ideally-placed to benefit from the rapidly growing biomass and waste to energy sector and has already made great progress in growing its platform. We are delighted to continue our support.&rdquo;
Erez Gissin, managing partner, Helios, said, &ldquo;Helios has been a founding investor of BIG since its inception and is proud to join our U.K. partners with significant further equity contribution as part of Helios&rsquo; broad renewable energy investments in the U.K. market.&rdquo;
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&rsquo;s success.
McPherson added: &ldquo;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.&rdquo;
James Samworth, partner, Foresight commented, &ldquo;We are proud of our role in cofounding BIG and supporting its growth alongside our partners. We look forward to continuing our support and seeing the company develop further in the coming years.&rdquo;
Nimesh Kamath, partner, Aurium, said, &ldquo;We are delighted to have supported the recent funding round for BIG. Our continued commitment to BIG reflects both our positive view of the biomass and waste to energy sectors and the confidence we have in the team as BIG continues to drive consolidation in the market.&rdquo;
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Bioenergy Infrastructure Group, an independent power producer specializing in biomass and waste-to-energy, recently announced the completion of a new equity raise from its existing shareholders to fund the next stage in its growth and development. 

UK's BIG raises equity from investors to fund growth

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