Renewable energy company agri.capital raises €60m in funding

20th May 2009

agri.capital, a pure-play renewable energy company that develops, owns and operates biogas plants in Europe, has raised €60m in new equity. TCW Group, Inc., through its European Clean Energy Fund, led the round and was joined by returning investors hedge fund Altima Partners, private investment firm Green Partners, asset management Halcyon and cleantech investor Ludgate Environmental Fund. Concurrently the company entered into a €10m mezzanine debt facility with Ecofin.

The company will use the new funds for organic growth, to expand its presence in Europe and to explore acquisition opportunities, according to a statement. agri.capital is currently the largest biogas producer in Europe with a portfolio of 32.2MW of installed capacity.

‘This funding represents a significant milestone for agri.capital,’ said Peter Stepany, co-CEO of agri.capital. ‘Our goal is to continue as the market-leader in biogas generation in Europe, and we are pleased to have the backing of a blue chip investor like TCW.’

‘We are pleased to add another investment in the German renewable energy sector and to support a company like agri.capital which has been a leader and an innovator in the biogas market,’ said Jean-Daniel Borgeaud, managing director with TCW’s Energy and Infrastructure Group.

The European Clean Energy Fund closed in 2007 with €354m from institutional investors in Europe, Canada and the US. The fund provides capital for energy initiatives, including wind, solar, hydro-electric, geothermal and waste-to energy projects, by providing mezzanine and private equity capital.

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