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Case Study

CO2Sense invest in biofuel based electricity generation project

In July 2016, CO2Sense partnered with the innovative peer-to-peer lending platform Abundance Investment, acting as an anchor investor to refinance a portfolio of biofuel based electricity generating power stations owned and operated by Living Power.

The Living Power portfolio is split across 4 sites in Selby, Leeds, Bentwaters and Hockwold and has a total capacity of 26.2MW. The sites consume 4,000 tonnes of used cooking oil collected from restaurants, manufacturing facilities and public sector clients to produce 15,000 MWh per annum of electricity. The electricity generated is used to provide grid balancing services under the National Grid’s Short Term Operating Reserve (STOR) mechanism as well as running during other periods of peak demand or low supply.

The investment into Living Power was raised through a debenture structured by Abundance and was hosted on their peer-to-peer investment platform, allowing both institutions and individuals to invest. CO2Sense acted as an anchor investor, subscribing to a portion of the debenture to allow the fund raise to close quicker. The debenture raised a total of £2.47 million and repaid an existing loan, freeing up capital for Living Power’s shareholder, REG Power Management and enabling it to grow and develop further sites. The debenture will be repaid over 7 years.

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