Cornwall Insight supports £60mn debt financing for Iona’s GB Anaerobic Digestion renewable energy portfolio

Cornwall Insight, an energy consultancy, research and analytics company, is pleased to announce its role in providing gas and electricity expertise to support the successful £60mn debt financing for Iona’s GB Anaerobic Digestion renewable energy portfolio. It was announced that the financing was successful on 28 May 2020.

Iona Capital Limited (“Iona”), has closed the debt financing on behalf of one of its funds, Iona Environmental Infrastructure LP (“IEILP”). The fund has invested in a portfolio of 11 operational Anaerobic Digestion (“AD”) renewable energy assets, located across GB. Iona is a leading investment manager with a focus on long term renewable and low carbon energy infrastructure.

IEILP, a greenfield fund, launched in 2012 backed by UK pension fund investors. These funds were deployed to construct 11 assets, composed of four large Gas-to-Grid assets, five agricultural combined heat and power (CHP) assets, and two Local Authority backed CHP assets.

Cornwall Insight provided comprehensive energy market support for debt financing. This included information on the GB gas and electricity markets, key accessed revenue streams, regulatory and policy considerations, and wholesale value forecasting. This was delivered with close engagement with the Iona and Investec teams and utilised our pre-eminent market understanding to deliver the support successfully.

Adam Boorman, Senior Consultant at Cornwall Insight, said:

“We are delighted to have played an important role in supporting this successful debt financing by Iona. Cornwall Insight’s involvement in the process saw it utilise its market-leading understanding of the gas and electricity markets, as well as its wholesale commodity and non-energy cost forecasting abilities. It also highlights our capability to successfully support key investments that will play a significant role in the pursuit of the UK’s low-carbon goals.”

“We are very pleased that the debt financing has been successful in these innovative assets and that we were able to use our consultancy and analytical capabilities to support them in this regard.”