Qualitas Energy completes acquisition of controlling stake in Acorn Bioenergy, backing renewable natural gas to accelerate the energy transition
14/09/2022 – London
- Previous majority owner P3P Partners will retain a minority stake in the Company; current management will remain in place
- 15 anaerobic digestion plants to be built across the UK; Acorn expected to contribute approx. 17,000 m3/h of renewable natural gas to the UK gas distribution network
- Important milestone within Q-Energy’s Strategic Plan to accelerate the energy transition with investments of €9 billion in renewable energy sources, energy storage and distribution projects by 2025
Q-Energy, a global investment and management platform focused on renewable energy, energy transition and sustainability, is pleased to announce it has completed the acquisition of a significant controlling stake in Acorn Bioenergy Limited (“Acorn Bioenergy” or “Acorn”) on behalf of Q-Energy V. Acorn specialises in the production of biomethane (also known as renewable natural gas or ‘RNG’) and green carbon dioxide (“CO2”) by upgrading biogas generated in anaerobic digestion facilities. The Company’s previous majority owner P3P Partners will retain a minority stake in Acorn.
Following the transfer of ownership, Q Energy will contribute additional capital to Acorn to build 15 anaerobic digestion plants across the UK, which will produce biogas and upgrade it into biomethane, a direct substitute for fossil fuel-based natural gas. Biomethane-powered trucks will then transport the biomethane from the anaerobic digestion facilities to four high-pressure gas injection hubs located at key points on the national gas distribution network for injection.
Acorn is expected to become the leading biomethane and green-CO2 platform in the UK. When its planned portfolio of plants is fully operational, the Company will generate approximately 17,000 m3/h of RNG to the UK gas distribution network.
The deal forms part of Q-Energy’s Strategic Plan, which aims to accelerate the energy transition with investments of €9 billion in renewable energy sources, energy storage and distribution projects by 2025.
Iñigo Olaguibel, CEO of Q-Energy, said: “We are pleased to have closed the acquisition of a controlling stake in Acorn. This is an important step on our mission to accelerate the energy transition, particularly in times when energy diversification and security of supply, have become more important than ever. The use of biomethane in “hard-to-abate” sectors is a critical step towards global net zero. It is a mature and well understood fuel that can be used today while hydrogen and electrification solutions are being developed.”
The Acorn team will remain under the leadership of the current CEO, Harry Townshend, and is expected to grow significantly over the coming months to ensure timely and efficient delivery of the 15 anaerobic digestion plants which are currently at an advanced stage of development.
The former owner of the acquired interest in Acorn, P3P Partners, will continue to retain a 15% interest in Acorn and will collaborate with Q-Energy and Acorn to help deliver Acorn’s ambitious plans.
The parties have agreed not to disclose the purchase price. Q-Energy has been advised by Ashurst (legal), SLR (technical) and Azets (financial).
About Qualitas Energy
Qualitas Energy is a leading investment and management platform focused on renewable energy, energy transition, and sustainable infrastructure investment. Since 2006, the Qualitas Energy team has managed investments of more than €11 billion in renewable energy worldwide. These investments have been deployed through five vehicles: Fotowatio / FRV, Vela Energy, Q-Energy III, Q-Energy IV, and Q-Energy V. Qualitas Energy’s existing portfolio currently holds more than 5 GW of operating and development energy assets, including more than 3 GW of wind, more than 1 GWp of solar PV, 242 MW of solar thermal power (CSP), 180 MW of renewable natural gas, 108 MW of battery, and 60 MW of hydroelectric power assets across Spain, Germany, the UK, Italy, Poland, and Chile. Since 2020, Qualitas Energy has produced sufficient energy to power 1.54 million homes and, since 2021, has successfully avoided emissions of 1.32 million metric tons of CO2 equivalent. The Qualitas Energy team is composed of more than 600 professionals across eleven offices in Madrid, Berlin, London, Milan, Hamburg, Wiesbaden, Trier, Cologne, Stuttgart, Warsaw, and Santiago.