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( Alliance News) – JLEN Environmental Assets Group Ltd announced on Monday that it had acquired Cramlington Renewable Energy Developments Ltd biomass heating plant owner for an undisclosed amount.
The renewable energy mutual fund said the deal was closed on a debt-free basis and will be JLEN’s first investment in a “large biomass cogeneration power plant.” The facility is located near Cramlington in Northumberland, England and provides up to 28 megawatts of electrical power and 8 megawatts of heat for export to industrial customers and the grid.
Biomass CHP is an energy-efficient technology that generates electricity and captures the heat that would otherwise be used to provide Heat energy would be wasted. Biomass CHP power plants are much less carbon intensive than gas or coal-fired power plants because they use a lower carbon, more sustainable fuel source, including wood, plants and manure.
The FTSE 250 listed JLEN said the acquisition is in line with the company’s strategy of « further diversifying its portfolio » and securing strong revenue streams.
JLEN Chairman Richard Morse said, « We are pleased to announce JLEN’s first investment in large-scale biomass cogeneration, the uses the knowledge and experience already gained from owning a number of bioenergy facilities.
“We believe systems like this are a sustainable source of renewable heat and electricity that can be fed into the grid as base load electricity and delivered directly to industrial customers nearby. The facility has a strong operating history and we look forward to optimizing that capital for the future. «
Shares rose 0.1% to 102.46 pence early Monday morning in London, and are down in 2021 so far Down 10%.
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