Ludgate Environmental Fund, the Aim-listed investment company focused on the environmental/cleantech sector, has made a further investment of EUR2m into agri.capital.
Ludgate Environmental Fund, the Aim-listed investment company focused on the environmental/cleantech sector, has made a further investment of EUR2m into agri.capital.
This additional amount, structured as ten per cent preferred stock with detachable warrants, brings LEF’s total investment in the company to date to EUR5m.
Established in 2004, agri.capital develops, owns and operates biogas to power and biomethane to pipeline operations in Germany and Austria. With a portfolio of 32.2 MW of installed capacity, agri.capital is currently the largest biogas producer in Europe.
LEF’s additional investment is part of a total EUR60m fundraising of new equity into agri.capital, with the round being led by TCW Group. The company will use the new funds to further organic growth, expand its presence in Europe and explore acquisition opportunities.
With 44 sites currently under management, agri.capital intends to have approximately 100 additional sites in operation by 2011 increasing installed capacity up to 115 MW.
Peter Stepany, co-chief executive of agri.capital, says: ‘This funding represents a significant milestone for 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 Ludgate Environmental Fund and other investors in this funding round.’
Nick Pople, director of Ludgate Investments, investment adviser to LEF, says: ‘To complete a funding round of this scale under difficult financial market conditions demonstrates agri.capital’s strong market position. This further capital will enable the Company to continue its expansion and maintain its position as Europe’s leading biogas producer. Ludgate Environmental Fund is pleased to follow its original investment and participate additionally in this round.’
