Elgar Middleton completes sale of a 3.8MW anaerobic digestion facility

Elgar Middleton is delighted to have advised the shareholders of the Codford Biogas facility on their sale of 100% of their equity to JLEN Environmental Assets Group for £19.8 million.

Codford Biogas Limited is an operational anaerobic digestion facility based in Wiltshire, UK. The plant has been operational since 2014, has an electrical capacity of 3.8MWe, and processes up to 100,000 tonnes per annum of both liquid and solid food waste from the commercial and industrial sector. Revenues are secured from both the Feed-in-Tariff (FiT) and the Renewable Heat Incentive (RHI) schemes and the plant is able to supply up to 4,000 homes via the UK power grid.

The facility was successfully sold to JLEN, the listed environmental fund, for an initial upfront payment of £19.8 million. The sale has been structured to also include additional deferred payments relating to a number of post-completion expansion opportunities.

Elgar Middleton Infrastructure and Energy Finance LLP (“Elgar Middleton”) was the shareholder’s exclusive financial advisor on the transaction. This successful completion is further evidence of Elgar Middleton’s in-depth knowledge of the anaerobic digestion sector coming just a matter of days after the firm completed the £85 million refinancing of BioCapital’s anaerobic digestion portfolio.