Another Anaerobic Digestion Plant acquired by Material Change
Material Change and Foresight Group are pleased to announce that another Anaerobic Digestion (“AD”) Plant has been acquired and has been added to our growing portfolio of AD Management.
The plant located in Norfolk process approximately 40,000 tonnes of agricultural feedstock per annum to produce power for sale to the grid whilst benefiting from the associated FiT income as well as RHI revenue from on-site waste heat utilisation.
The transaction is a continuation of the AD and Composting partnership between Foresight and Material Change Ltd and its parent company Heathpatch Ltd. As part of the deal, Material Change has entered into long-term feedstock supply, digestate offtake and management and maintenance services contracts, while Heathpatch is an equity investor in the project.
Charles Course, Material Change Ltd and Heathpatch Ltd said: “Heathpatch and Material Change are delighted to have co-invested into and contracted with this plant as part of our partnership with Foresight. It complements the two Suffolk plants we secured together in 2019 as well as the two other Norfolk plants that Material Change has acquired separately in the same year. We look forward to building further on our now significant scale and market presence in UK AD and Composting.”
Robert Guest, Director at Foresight, commented: “Foresight is pleased to have finished 2019 with another AD acquisition working with our partner Material Change. Thanks to all those at Deloitte, Pinsent Masons, Fichtner, Willis and PIB who advised us and helped to close this deal. We look forward to seeing what we can achieve in 2020.”