Copenhagen Infrastructure Partners has completed £250m (€279m) in senior debt refinancing of its interest in two biomass plants in the UK.
The debt was provided by Royal Bank of Scotland, Investec, Aviva Investors and a “major institutional investor”, CIP said.
The refinancing of the the 40MW Brigg facility in Lincolnshire and 44MW Snetterton project in Norfolk was carried out on behalf of the Copenhagen Infrastructure I (CI I) fund.
The fund provided equity, preferred equity and senior debt for the development and construction of the two plants.
“The plants have now come into operation and senior debt has been sourced from third parties to refinance CI I’s initial investment,” CIP said.
The fund retains an ownership interest in the plants, it added.
CIP senior partner Rune Bro Róin said: “We are focused on investing in green field energy projects and the completion and subsequent refinancing of these two first biomass plants in our portfolio is an important milestone for us.
“We are grateful to our current lenders that engaged in this transaction and we are committed to continue building strong relationships with them and will continue to explore debt capital market opportunities.”
Burmeister & Wain Scandinavian Contractors (BWSC) is CIP’s partner on the two projects.
Image: the Snetterton bio plant (CIP)
