It has an installed capacity of 266 MW across eight owned plants which process over 1.5m tonnes of agricultural and forestry biomass each year. The plants provide renewable energy directly to the Spanish grid.
Magnon plays a vital role in Spain’s rural economy, providing a circular solution for waste treatment and promoting local employment opportunities.
Ancala invested in Magnon, previously known as Ence Energía, in December 2020. We had been tracking the business and the sector for a number of years and had built a strong relationship with the vendor during that time. Our relationship and our existing experience from investing in and growing leading UK green energy producer Biogen proved critical to securing the investment.
Since our investment, we have been working with the business to develop a pipeline of projects in the Iberian region to continue the decarbonisation of the power industry. The business has improved the operational efficiencies of all of its existing plants. It has also expanded its biomass supply services and industrial customer base to serve the growing demand for renewable energy. The business is developing biomass power projects to participate in future capacity auctions and continues to improve the renewable baseload of the grid.
Ancala has also supported the business to deliver an industry-leading review of its supply chain in order to best protect and improve worker welfare.
Under the terms of the agreement, the CIB has committed a CAD 100 million loan ...Read more