On the back of P3P’s success in a judicial review against Ofgem in February 2021 and the subsequent building of its Acorn platform, an anaerobic digestion and biomethane upgrading and injection business, P3P is pleased to announce the completion of the divestment of 85% of the parent company in the business, Acorn Bioenergy Limited, to global energy-transition specialist investment manager Q-Energy.
Following this initial investment, Q-Energy will contribute additional capital to Acorn to enable it to construct its ambitious portfolio of 15 large-scale anaerobic digestion and biomethane upgrade plants and three biomethane injection hubs, which when fully operational will generate approximately 17,000 sm3/h of renewable biomethane (a direct substitute for natural gas) to the UK gas distribution network. This will position Acorn as one of the UK’s leading producers of green gas and generate enough renewable energy to heat over 100,000 UK homes.
P3P will retain a 15% interest in the group going forward and continue to contribute to the development of the portfolio, with the Acorn team headed by CEO Harry Townshend and a team of leading industry professionals well-situated to grow the business further.
“We are thrilled to work with APS and build upon the rapid growth it has achieved, which has seen turnover rise from c.£7m in 2006 to over £100m in 2022. Food security is a critical issue for the UK, and APS plays a vital part in growing British fresh produce sustainably. This investment adds to P3P’s strong track record in the food, agritech and sustainable energy sectors. We look forward to supporting the management team in the future development of the company.”
“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.”
“APS currently grows a third of all British tomatoes and is in a strong position to meet the rising demand by consumers. I am looking forward to helping strengthen their position as the UK’s leading supplier of tomatoes and grow its position as suppliers of other fresh produce. The partnership and investment with P3P will help us to strengthen the already excellent APS brand and support plans for new areas of growth.”
About P3P Partners
P3P Partners is a UK-based technology agnostic energy asset developer, owner and operator with a particular focus on sustainable and renewable heat and CO2, horticultural and industrial CHP, large-scale battery storage and solar power, and has strategic joint ventures in vertical farming, waste treatment and EfW sectors.
P3P owns and operates energy and horticulture facilities at sites throughout the UK, including on the Isle of Wight, at Selby in North Yorks, Elloughton in Teesside, Alderley Edge in Cheshire and Ash in Kent.
About P3P Partners
P3P Partners is a UK-based technology agnostic energy asset developer, owner and operator with a particular focus on sustainable and renewable heat and CO2, horticultural and industrial CHP, large-scale battery storage and solar power, and has strategic joint ventures in vertical farming, waste treatment and EfW sectors.
P3P owns and operates energy and horticulture facilities at sites throughout the UK, including on the Isle of Wight, at Selby in North Yorks, Elloughton in Teesside, Alderley Edge in Cheshire and Ash in Kent.
About Acorn Bioenergy
Acorn Bioenergy is committed to decarbonising hard-to-abate sectors by unlocking the full potential of biomethane production in the UK. In addition to generating biomethane, Acorn will capture CO2 as part of its process and produce renewable fertiliser for use in local agriculture. With its team of professionals from the energy, engineering and agricultural sectors, Acorn takes responsibility for the entire scope of each project from development through to construction and operations. Acorn’s portfolio will cause a net emissions saving of 421,000 tonnes of CO2 annually.
About Q-Energy
Since 2007, the Q-Energy team, composed of more than 400 professionals, has managed investments of more than €11 billion in renewable energies worldwide. This investment has been deployed through four vehicles: Fotowatio / FRV, Vela Energy, Q-Energy III and QEnergy IV.
Offering integrated investment and asset management services, Q-Energy manages more than 1.6 GW of energy, including more than 1 GW of solar PV, 243 MW of solar thermal power (CSP) and 325 MW of wind power across Spain, Germany, Poland, and Italy. Using its industrial capacity, modern technology systems and continuous monitoring and control processes, Q-Energy manages these assets to achieve financial and operational efficiencies. Currently, Q-Energy’s operating assets generate enough clean energy to supply more than 500,000 homes and avoid the emission of 520,000 tons of CO2.
As part of its corporate social responsibility policy, Q-Energy’s offices are carbon neutral, offsetting more than 480 tons of CO2 by 2020. In addition, Q-Energy’s workforce reflects gender diversity, with nearly half of its management team members being women. Q-Energy is a signatory to the United Nations Principles for Responsible Investment (UNPRI) and the Task Force on Climate-related Financial Disclosures (TFCD). It is also in the process of being classified as an article 9 product within the EU Sustainable Finance Disclosure Regulation (SFDR). Promoting sustainability is Q-Energy’s underlying purpose and all its activities are measured against such purpose.
