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21 October 2005
Novera Macquarie Renewable Energy (NMRE) has acquired additional landfill gas assets in the UK for a consideration of £11 million (A$25.87 million) excluding transaction costs. The three assets in Norfolk, England, have 7MW generating capacity (including 2MW to be constructed), and have an expected generating life of more than 20 years.
NMRE – the 50:50 joint venture between Novera Energy Limited and Macquarie International Infrastructure Fund – is acquiring 100 per cent of the share capital of the current owners of the landfill gas assets. Each joint venture partner has made a cash investment of approximately £2 million (A$4.7 million) to fund the acquisition. The balance will be funded by non-recourse debt available to NMRE under an extension of the existing loan facility arranged by Barclays.
NMRE Chief Executive Officer, Mr Muir Miller, said with the inclusion of the additional assets, the company now holds 144MW of capacity across landfill gas power, wind power and hydro assets.
“This transaction further strengthens NMRE’s position as the UK’s second largest landfill gas power generator,” Mr Miller said.
For further information, please contact:
Karen Smith
Corporate Communications Manager
Macquarie Bank
Tel: (44) (0) 20 7065 2420
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