Waste-to-Energy – Bristol Project Avonmouth, U.K.

Industry

Infrastructure

Company Type

PowerRenewables

Location

UK

Size

$69,000,000

Investment Type

Equity/Debt

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Helping Great Companies Grow

Overview

Blue Sphere is a global independent power producer, operating renewable clean energy facilities in waste-to-energy (WTE) and biogas in the U.S. and Europe

Seeking US$ 69 million to develop the 12 MWh WTE Bristol Project in Avonmouth, U.K.

  • Short-term construction period – 14 months
  • 15 years guaranteed revenue stream
  • Eliminates waste and cleanly generates reliable source of renewable energy
  • Utilities purchase electricity or natural gas generated from facility under long-term power purchase agreements (PPA)
  • Charges for the disposal of various types of waste
  • Large pipeline of WTE projects in diverse geographies
  • Management team has extensive experience

ocomplex projects and evaluate technologies

oproven track record – two large scale developments and five acquisitions of operating facilities

Helping Great Companies Grow

Opportunity

  • Global waste-to-energy (WTE) market projected to climb to US$44 billion in 2026E from US$26 billion 2016
  • U.K. Government has a 20 years of policy of supporting the WTE market
    • pipeline of existing and planned WTE projects
  • Municipality of Bristol, U.K. was one of the first to adopt a policy of reducing fossil fuel feedstocks for power generation
  • Site – physical location for the physical assets of a renewable power plant
  • Permits – encompasses all permits necessary for project construction and operation
  • Feedstock – renewable energy fuels on which the power production will be based
  • Off-take – buyer of both the energy and any other characteristics of output secured by contract, often a PPA
  • Technology – based on the feedstock, regulation and financial considerations
  • EPC – Engineering, Procurement and Construction contractor responsible for all the activities from design, procurement, construction, commissioning and handover of the project
  • O&M – responsible for all tests, measurements, replacements, adjustments and repairs intended to maintain the full functionality of the plant
  • Capital – financial resources necessary for final development, construction, commissioning and initial operations through stabilized cash flows generated by the project
Picture7
Helping Great Companies Grow

Solution/Strategy

  • The Bristol Project is owned by Avonmouth Bio Power Energy Ltd
    • Zinc Road, Kings Weston Lane, Avonmouth, South of England
    • originally employed gasification technology
    • approved by the Council of Municipality of Bristol, U.K. in 2014 to treat 120,000 tonnes per annum (tpa) of Refuse Derived Fuel (RDF) delivered  from a neighboring facility called “New Earth”
    • planning consent received in 2015
    • Ofgem granted the Project an accreditation of 2 ROCs until 2033E
      • generated and exported electricity to the grid
      • £45-33 per MWe received from the off-taker
    • U.K. subsidies are linked to the CPI/RPI – escalated on an annual basis (April 1st) of each calendar year
  • During 2016, plant shut-down due to inability to reach targeted power production (actual production < = 50% installed power)
    • since then, preserved – turbines were disposed and regularly maintained
    • plant owners decided to sell “as-is”
  • SPV has carry forward losses of about US$60 million
    • bound to the UK tax regulations
Helping Great Companies Grow

Management

Shlomi Palas

CEO

Significant international clean tech project development and management experience within both the private and government sectors. Previously developed biodiesel projects in China, Brazil and Africa. Worked with International Finance Corporation to enter Chinese market for a large-scale project. Senior Vice President of Office Depot responsible for the exponential growth of 30,000 Israeli business accounts. M.S. from Baruch College – The City University of New York. B.A. in Statistics and Management from Haifa University.

Asnat Drouianov

Financing Operation Manager

Extensive financial knowledge supported by years of experience in the capital markets and top management in the WTE industry. Last 20 years in top management positions in multi-million USD entities in Israel and abroad; of which, 10 years was deeply involved in the W2E industry. GM for listed German technology provider in the W2E industry; responsible for a quick turnaround – taking the company from a $10 million annual loss to break-even within one year and generating profits in following years. Company was responsible for the construction of 400 WTE projects in 17 different countries worldwide. Israeli CPA (Certified Public Accountant). B.A. in Accounting & Economics from TA University.

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Thanks, Ken

Ken Margolis | Managing Partner Castle Placement, LLC
1460 Broadway Street, Rte 400
New York, New York 10036
(212) 418-1188 | C: (516) 712-7784
kmargolis@castleplacement.com

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