 announced on Tuesday its acquisition of a 45% equity stake in Energie Tecnologie Ambiente (ETA).){kind=link}
Completion of this acquisition by JLEN is subject to a number of conditions
JLEN (LON:JLEN), the listed environmental infrastructure fund, announced on Tuesday its acquisition of a 45% equity stake in Energie Tecnologie Ambiente (ETA).
ETA is a 16.8MW energy-from-waste power (EfW) plant which processes refuse derived fuel, located in the municipality of Manfredonia in the Apulia region of southern Italy.
The €26.75m investment has been made alongside Foresight Energy Infrastructure Partners, which will also acquire a 45% equity stake.
Completion of this acquisition, according to JLEN, is subject to a number of conditions which are expected to be finalised by the end of May 2021.
The EfW Plant, which utilises proven technology, has been fully operational since 2012.
It earns revenues from gate fees paid by RDF suppliers to ETA, incentives related to producing electricity from renewable energy and the sale of electricity to the market.
Richard Morse, chairman of JLEN, commented on his company’s investment.
“We are happy to announce JLEN’s investment into this energy-from-waste plant which leverages the
knowledge and experience gained in owning a number of bioenergy assets already. This is JLEN’s first
investment in Italy and we look forward to co-owning this locally important asset alongside FEIP and
the Seller,” said Morse.
“We believe that assets such as these provide a vital outlet for non-recyclable waste that would
otherwise be sent to landfill, and which can be used to generate baseload power to the grid. The plant
has a strong operational track record and we look forward to working with the existing operations
team as a new co-owner.”
This acquisition is JLEN’s first investment in Italy, further diversifying its portfolio, geographic
exposure and revenue base.
The company’s investment adviser’s Italian team was “instrumental in the execution of the acquisition and will remain closely involved in the management of the asset”.