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Downing and Raynham Estate agree sale of 550m3 per hour gas-to-grid anaerobic plant, Corbiere Renewables
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Downing LLP and Raynham Estate agree on the sale of gas-to-grid plant operator Corbiere Renewables, after a successful seven-year investment in the firm.
The anaerobic digestion plant, based near Fakenham in Norfolk, has been acquired by BioCapital, which is focused on investment and operations in the UK anaerobic digestion sector and is owned by fund managers Equitix Investment Management and Helios Energy Investment.
Downing originally invested in Corbiere Renewables along with the Raynham Estate in 2015 to build, own and operate the 550m3 per hour plant. The partnership with the Raynham Estate included investing for the long-term benefit of the overall farming operation and designing the plant in a way that maximises the use of digestate and reduces vehicle movements.
The sale to BioCapital, which acquired another Norfolk-based plant Redrow Renewables in January last year from Downing, followed a competitive bidding process with strong demand from a range of investors.
Tom Williams, Head of Energy & Infrastructure at Downing, commented:
“The sale of Corbiere Renewables marks another successful asset exit which has delivered good outcomes for our investors. It’s been a pleasure to work with the team at Raynham who led the development and operation of the plant. Raynham has proven to be a very reliable partner. Whilst our journey together on this plant ends we look forward to working with the Raynham Estate in the future.”
Tom Raynham, CEO of the Raynham Estate, commented:
“I am delighted to confirm the sale of Corbiere Renewables Ltd to BioCapital and the start of our future relationship with them. This has been an instrumental part of our forward planning for the estate and it would not have been possible without the investment support of Downing. Not only through the development phase but also through the years when this plant needed some improvements to make it the exceptional AD business it is today. Downing has been a great partner during that process understanding the needs of our business but also having faith in the management and plans to produce the plant that BioCapital have now acquired.
