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DEAL ANALYSIS: Sleaford Biomass
26 February 2012
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[sleaford]
[biomass]
[BNP Paribas clean energy partners]
BNP Paribas Clean Energy Partners, the London-based renewables fund, closed the project financing for the 38MW Sleaford biomass project on 9 December 2011. The sponsor acquired the plant from Eco2, a specialist developer, a process which took place alongside close on the debt financing. The combined cost of the construction financing and the fee paid to the seller is around £155 million ($246 million).
Sleaford is the first conventional biomass financing in England in nearly five years. The deal brings to an end a prolonged hiatus in the UK biomass market, pending the release of government proposals on renewable obligation certificates (ROC) re- banding, which took place in October 2011.
Close for Sleaford provides a useful benchmark financing for the sector, and together with the confirmation of grandfathered ROC rates in the new banding, should increase sponsor confidence for further biomass projects in the UK. The deal is an important...
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