A Scottish biomass energy specialist aims to raise £8 million to help fund the development of a portfolio of 80 renewable energy plants in the UK.
A Scottish biomass energy specialist aims to raise £8 million to help fund the development of a portfolio of 80 renewable energy plants in the UK.
Raggnar Power believes it can generate attractive returns by using the funding to help develop plants that will generate power from biomass. This can come from plant or animal material.
The Aberdeenshire-based firm said it has a pipeline of potential projects in places such as factories, colleges and country estates that it believes could achieve significant financial and environmental savings from biomass.
Nigel Perkins, Managing Director of Raggnar Power, said: ??Many businesses and public entities with significant heating requirements see the cost and environmental benefits of localised biomass heating systems, but capital spend required to fund the installation up front creates an understandable barrier.??
The company said it will work with third party investors to build Raggnar AssetCo, which it believes could generate a stable return based on the incentives the Government provides under the Renewable Heat Incentive Scheme.
Andrew McLennan, Director of Raggnar AssetCo, said: ??With Government incentives guaranteed for at least the next 20 years, there are attractive returns available at relatively low risk.??
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