Monday, July 15, 2024
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Greenvolt Group announces acquisition of Kent Renewable Energy Limited

Greenvolt Group has announced the acquisition of Kent Renewable Energy Limited (KREL) for £195.3 million. KREL owns a biomass-fired heat and power plant located in Sandwich, in the south-east of England. This acquisition solidifies Greenvolt’s position in the UK biomass energy market, which remains a topic of considerable debate.

In 2023, the KREL plant generated approximately 210.8 GWh of energy, sufficient to power 50,000 homes. Additionally, the plant supplies energy to nearby industrial parks, with excess power sold to the grid under a long-term contract with Engie. With this acquisition, Greenvolt’s total biomass production capacity now stands at 179.2 MW, including 68.7 MW in England.

Greenvolt’s acquisition of KREL underscores its strategy of diversification within the renewable energy sector. The KREL plant benefits from UK financial incentives such as the Renewable Obligations Scheme (ROC) until 2037 and the Renewable Heat Incentive (RHI) until 2039, ensuring stable long-term revenues. These incentives provide financial security and foster investments in sustainable energy infrastructure.

With this move, Greenvolt has positioned itself as one of the top five biomass electricity producers in England. The group also owns Tilbury Green Power near London, boasting an installed capacity of 41.6 MW using construction wood residues as fuel. In 2023, Greenvolt generated a total of 998.3 GWh of green energy from biomass.

Greenvolt Group’s acquisition of KREL strengthens its foothold in the UK biomass energy market, consolidating its production capacity and ensuring stable revenues through UK financial incentives. This expansion not only allows Greenvolt to meet the increasing demand for renewable energy but also enhances its competitiveness while seizing new growth opportunities in the sector.

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