Controlling renewables

Belgian renewables company Thenergo has acquired a controlling stake in Enro, a German biomass-to-energy operation.

In a private placement, Enro investors received one new Thenergo share for every 2.25 Enro shares. In addition, Thenergo bought approximately 14 per cent of Enro shares at an average price of €3.7 per share, valuing Enro at around €14m.

Enro has two biomass CHP plants fuelled by fresh cut and waste wood, generating a total of 13.7MW electrical power and 23MW thermal power.

In addition, it is co-owner and co-operator of companies that distribute heat to industrial and residential clients.

Thenergo anticipates that Enro's current management will retain full operational control, developing and operating on-site CHP biomass plants for industrial customers and local communities.

The company is pursuing a growth strategy through integration and conversion of existing fossil fuel plants to biomass, construction of new renewable energy power plants and project acquisitions.