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Infinis stubs out flotation

Renewable energy company Infinis has cancelled plans to float the company on the stock exchange. The company had been estimated to fetch between £700 million and £1 billion. Private equity group Terra Firma own Infinis and plan to hold onto the company for the next three to five years. Chief executive Alan Lovell told the Financial Times that a flotation will not go ahead partly because of the recent turbulence in the markets. He also said that there will be no plans to revive it for several years. Infinis claims to produce 11% of all the UKs electricity that comes from renewable sources. It generates most of its energy from landfill sites, capturing methane from these sites and using it to generate electricity. The company is also building up its biomass business, which involves burning wood and waste products to generate electricity. It recently acquired Scottish BioFuel supplier of biomass feedstock to the renewable energy sector in Scotland. Infinis hopes that the biomass will generate up to 1,250 GWh of renewable electricity, enough to power up to 375,000 homes in Scotland. Terra Firma bought Infinis as part of a £531m takeover, of the Waste Recycling Group in 2003 and expanded it by acquiring some of the landfill business of Shanks, the waste management company, for £277m. Image: Infinis chief executive Alan Lovell

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