In July 2014, Downing managed funds made an investment into Asgard to fund the construction of a waste to energy Anaerobic Digestion ("AD") plant located near Cardigan in west Wales. Financial close was achieved in April 2015 and additional funding was raised to fund site expansion.
The plant is able to process 36,500 tonnes of organic waste a year (including waste sourced from food processors). The facility produces biogas which is run through two 499kWe combined heat and power ("CHP") gas engines, generating revenues from the sale of electricity exported to the grid through payments under the Feed in Tariff ("FiT") scheme. To the extent it can productively use the heat from the CHP engines (e.g. via the pasteuriser) it also earns revenues under the Renewable Heat Incentive ("RHI") scheme.