Agrivert has completed a £96m re-financing deal which it says will cut its borrowing costs and allow the completion of two new anaerobic digestion (AD) plants in the coming year.
Debt refinancing of £63m has been provided by GCP Infrastructure Investments as a 17-year, fixed-rate loan.
Agrivert’s private-equity backer Alcuin Capital Partners is no longer involved in the company, although some existing equity holders have reinvested as part of the financing.
“This financing has simplified and reduced the cost of our borrowing, as well as provided the funding to support a significant growth of our business,” said chief executive Alexander Madden.
“We are delighted to have provided a profitable exit to Alcuin Capital Partners, who have been our private-equity partners for the past six years. It is a great outcome for the company and a great vote of confidence in the future of the UK market for AD and related waste solutions.”
Agrivert currently owns and operates three AD plants, two ‘in-vessel’ composting plants, and three other composting plants while also providing services to external clients.
The firm is building two more 3MW plants in Hertfordshire and South Wales which, when commissioned next year, will yield a generating capacity of 13MWe across an estate of five plants.