PwC Corporate Finance acted as financial advisor on the sale of the 13 MWe Speyside biomass plant

The PwC Corporate Finance team is pleased to announce it has advised Speyside Renewable Energy Partnership Holdco Limited (in administration) on the sale of its 13 MWe biomass Combined Heat and Power (CHP) plant in Speyside, Scotland to Greencoat Renewable Income LP, a fund managed by Greencoat Capital.

The plant originally reached financial close in 2014 and achieved ROC accreditation in 2016. The project benefits from a mix of diversified revenue streams underpinned by Renewable Obligations Certificates (ROCs), the Renewable Heat Incentive (RHI) scheme and a long-term heat offtake arrangement to the Macallan whisky distillery.

The plant was originally financed by equity investment from John Laing and UK Green Investment Bank (subsequently sold to funds managed by Equitix), and debt raised from the bond market and listed on the London Stock Exchange, guaranteed by HM Treasury. The plant was sold on an unlevered basis.

PwC acted as exclusive financial advisor to Speyside Renewable Energy Partnership Holdco Limited (in administration) and its administrators, David Shambrook and Geoff Rowley from FRP on the sale of the Speyside biomass plant. The PwC team consisted of Matt Denmark, Robert Senger, Dipti Bhudia, Joss Crewdson and Parth Khandelwal.