Thenergo acquires German bioenergy group ENRO; conversion of existing fossil fuel to biomass plants
Thenergo, a Belgian renewable energy company today announces it has acquired a controlling stake in ENRO AG, a German biomass-to-energy company listed on the Open Market at the Frankfurt Stock Exchange. In a private placement, ENRO investors received one new Thenergo share for every 2.25 ENRO shares. In addition, Thenergo bought in the market approximately 14% of ENRO shares at an average price of €3.7 per share. At €3.7, ENRO is valued at around €14 million.
ENRO has an operating portfolio of 13.7MWe (electrical) and 73 MWth (thermal).This is produced from two biomass CHP plants fueled by fresh cut and waste wood, generating a total of 13.7MW electrical power and 23MW thermal power. In addition, ENRO is co-owner and co-operator of the companies distributing the heat to industrial and residential clients. In these companies an additional (natural gas based) heat capacity of 50 MW is available. The power produced is sold through 20-year power purchase contracts.
Thenergo anticipates ENRO’s current management retaining full operational control developing and operating on-site CHP biomass plants for industrial customers and local communities. The company is pursuing a growth strategy through integration and conversion of existing fossil fuel plants to biomass, construction of new renewable energy power plants and project acquisitions:
energy :: sustainability :: biomass :: bioenergy :: biofuels :: combined heat and power :: cogeneration :: fossil fuels :: Germany :: Belgium ::
ENRO’s engineers bring know-how about energy production based on Rankine Cycles (incineration + steam cycle for electricity production) to the Thenergo engineering team. Together with Thenergo’s comprehensive experience in Otto Cycle based energy production (biogas & biofuel engines) the integrated engineering team will cover all aspects of decentralized energy production from biomass. The extra skills and know-how will allow Thenergo to exploit a wider range of energy production opportunities across Europe.
The acquisition will allow Thenergo to accelerate the growth and structure of its existing business model while increasing its turnover and earnings. In 2008, ENRO will contribute €4 million to EBITDA from an estimated €20 million in turnover. ENRO’s fixed assets at end 2006 were valued at €35 million.
Thenergo has been involved in a number of acquisitions and participations recently. Last week it acquired controlling interests in Polargen, a leading Benelux combined heat and power (CHP) developer for the greenhouse industry, increasing its net capacity in greenhouse CHP operations, in addition to its existing biogas site, to 32MW, up from 8.2MW three months earlier.
The company also announced two new projects earlier this summer: the development of a 3MW CHP biogas project in Flanders generating annually 24,000MWh of clean power, enough to supply around-the-clock electricity for up to 6,000 households (earlier post), and the establishment of a 5MW electricity and biocoal plant in northern Holland together with Eclair-E, a Dutch CHP sustainable energy supplier. The facility will generate annually up to 42,800MWh of power and 75,000 tons of biocoal pellets (more here).
Image: ENRO's biomass CHP plant in Ludwigfelde. Credit: ENRO.
References:
Biopact: Thenergo acquires Polargen: CHP capacity in greenhouse sector to quadruple to 32MW - December 02, 2007
Biopact: Thenergo to develop new 3MW CHP biogas project in Flanders - August 08, 2007
Biopact: Belgian-Dutch partnership to develop 5MW biocoal project - August 10, 2007
ENRO has an operating portfolio of 13.7MWe (electrical) and 73 MWth (thermal).This is produced from two biomass CHP plants fueled by fresh cut and waste wood, generating a total of 13.7MW electrical power and 23MW thermal power. In addition, ENRO is co-owner and co-operator of the companies distributing the heat to industrial and residential clients. In these companies an additional (natural gas based) heat capacity of 50 MW is available. The power produced is sold through 20-year power purchase contracts.
Thenergo anticipates ENRO’s current management retaining full operational control developing and operating on-site CHP biomass plants for industrial customers and local communities. The company is pursuing a growth strategy through integration and conversion of existing fossil fuel plants to biomass, construction of new renewable energy power plants and project acquisitions:
energy :: sustainability :: biomass :: bioenergy :: biofuels :: combined heat and power :: cogeneration :: fossil fuels :: Germany :: Belgium ::
ENRO’s engineers bring know-how about energy production based on Rankine Cycles (incineration + steam cycle for electricity production) to the Thenergo engineering team. Together with Thenergo’s comprehensive experience in Otto Cycle based energy production (biogas & biofuel engines) the integrated engineering team will cover all aspects of decentralized energy production from biomass. The extra skills and know-how will allow Thenergo to exploit a wider range of energy production opportunities across Europe.
The combination of Thenergo and ENRO has a compelling strategic and operational logic. Thenergo secures a critical foothold in Germany, one of the most fertile business regions in Europe . Shared expertise brings both companies new revenue streams and deeper engineering know-how, and while our financial capacity will drive ENRO’s pipeline growth in Germany, ENRO will facilitate Thenergo’s development in Germany and Central and Eastern Europe. This is a real opportunity to create a leading player in Europe’s fast developing biomass to energy market. It is a value-creating partnership for business partners, employees and shareholders of both companies. - Kurt Alen, CEO, ThenergoFounded in 2002 and based in Antwerp, Belgium, Thenergo is a fast growing, fully integrated and independent developer and operator of sustainable energy projects using biomass, biogas and natural gas. Thenergo brings solutions and added value to clients' CHP energy needs, from financing and concept design to energy sales and trading on Europe's power markets. In addition, Thenergo's recent acquisition of Leysen Group adds long term procurement security to its business model and brings new opportunities to Thenergo's project pipeline. Since 14 June 2007, Thenergo has been listed on Alternext, Paris.
The acquisition will allow Thenergo to accelerate the growth and structure of its existing business model while increasing its turnover and earnings. In 2008, ENRO will contribute €4 million to EBITDA from an estimated €20 million in turnover. ENRO’s fixed assets at end 2006 were valued at €35 million.
Thenergo has been involved in a number of acquisitions and participations recently. Last week it acquired controlling interests in Polargen, a leading Benelux combined heat and power (CHP) developer for the greenhouse industry, increasing its net capacity in greenhouse CHP operations, in addition to its existing biogas site, to 32MW, up from 8.2MW three months earlier.
The company also announced two new projects earlier this summer: the development of a 3MW CHP biogas project in Flanders generating annually 24,000MWh of clean power, enough to supply around-the-clock electricity for up to 6,000 households (earlier post), and the establishment of a 5MW electricity and biocoal plant in northern Holland together with Eclair-E, a Dutch CHP sustainable energy supplier. The facility will generate annually up to 42,800MWh of power and 75,000 tons of biocoal pellets (more here).
Image: ENRO's biomass CHP plant in Ludwigfelde. Credit: ENRO.
References:
Biopact: Thenergo acquires Polargen: CHP capacity in greenhouse sector to quadruple to 32MW - December 02, 2007
Biopact: Thenergo to develop new 3MW CHP biogas project in Flanders - August 08, 2007
Biopact: Belgian-Dutch partnership to develop 5MW biocoal project - August 10, 2007
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