Altri S.A. has announced that its wholly-owned subsidiary Greenvolt – Energias Renováveis S.A. (Greenvolt) has reached an agreement, together with funds managed by the Equitix Group for the acquisition of Tilbury Green Power Holdings Limited (TGPH).
TGPH is the owner of a fully operational renewable energy biomass power plant, with net design capacity of 43.6 MW, located in the port of Tilbury, Essex, England. Ownership will be split in a proportion of 51% to Greenvolt and 49% to the funds managed by Equitix.
The transaction amounts to an enterprise value of £246.5 million. The transaction is subject to conditions precedent customary in transactions of this nature being met. Tilbury Power Plant is situated approximately 25 miles from central London, and it is therefore strategically located to process waste wood for the area, with few alternatives in the vicinity. The plant benefits from long-term contracts covering all key operational areas and a stable and highly visible cash flow generation. Moreover, supply is fully covered by a 16-year fuel supply agreement covering 100% of the plant’s requirements.
As of year ended December 31, 2020, Tilbury Power Plant reported turnover of £28.6 million with adjusted EBITDA for the year being £18.0 million.
