The portfolio will bring 11 renewable gas plants and several other projects globally into the Kanadevia Inova Renewable Gas infrastructure. The global projects include The Netherlands, Italy and the Unites States.
The deal will more than double Kanadevia Inova’s Renewable Gas infrastructure and installed capacity to a total of 18 operating biogas plants.
The company said that the acquisition has also transitioned it into full plant ownership, management and oversight of renewable gas assets.
Kanadevia Inova CEO Bruno-Frederic Baudouin commented: “I’m very pleased to expand the company in a way that strengthens our commitment to a future free of wasted waste and adds further resilience to our business. Bringing on board the team and project pipeline of ICL will help us accelerate the adoption of decarbonising technologies in the UK, across Europe and globally.”
Keith Carr, Kanadevia Inova’s executive vice president of asset management, added: “I’m delighted to welcome the ICL team to Kanadevia Inova; their expertise will help us evolve into a more sophisticated and future-proof operation, all the while helping cities and countries meet their net zero goals.”
Iona Capital (ICL) was formed in 2011 to focus on sustainable investing into primary low-carbon infrastructure projects.
Nick Ross, the founding director at ICL who will take up a senior position in Kanadevia Inova’s Asset Management team, said: “It’s hugely exciting to become part of the team at Kanadevia Inova; we’ve known them for some time and have watched their impressive rise onto the global stage. We look forward to working closely with the team and to accelerate the decarbonisation drive not just in the UK, but right across Europe and in the United States.”
In connection with the transaction, ICL retained Evercore Partners International LLP as the sole financial advisor, and Ashurst as legal counsel.
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