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Foresight acquires AD plant portfolio

Foresight acquires AD plant portfolio producing enough energy to power in excess of 30,000 homes

  • Two large scale agricultural AD plants formerly part of Strutt & Parker (Farms) Limited
  • Fourth and fifth acquisitions under Foresight’s AD Aggregator Platform
  • Foresight AD portfolio grows to 32 plants and over 62MW equivalent across the UK and Europe
  • Acquisition is part of the larger sale of Strutt & Parker (Farms) Limited to Robigus Limited

Foresight Group LLP (“Foresight”) is pleased to announce the acquisition of two large scale Anaerobic Digestion (“AD”) 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. 95,000 MWh 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 C02 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. The transaction is a demonstration of Foresight’s ongoing appetite to aggregate operational AD assets. This acquisition consolidates Foresight’s strong 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 Ltd (“Material Change”) and its parent company Heathpatch Ltd (“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. Material Change now provides services to 7 AD sites and sources over 250 000T of waste and grown crop feedstock to the plants and returns 300 000T of organic matter to land from its composting and AD businesses..

Foresight continues to source and secure AD, energy from waste, and bioenergy projects and pursue both operational assets and greenfield opportunities.

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 are pleased to have further expanded our relationship with Foresight and look forward to developing and enhancing the plants acquired. 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.” 

Advisers include

Technical:                       Fichtner Consulting Engineers
Legal:                              Pinsent Masons
Financial and tax:          Deloitte (Belfast)
Sales Agents:                 Deloitte