The Marguerite Fund makes first investment both in Portugal and in the biomass sector

Luxembourg, June 19, 2017 – The Marguerite Fund announced the financial close of Central de Biomassa do Fundão, Lda and Central de Biomassa Viseu, Lda, in which it has a 90% shareholding, alongside local developer FPT which will retain 10%.

The Project involves the financing, design, construction and operation of two separate 15MWA biomass plants located near Viseu and Fundão. The projects have commenced construction and are scheduled to be fully operational in the first half of 2019. Elecnor is the EPC contractor for both plants. Operation and maintenance will be carried out by a joint venture between Gestamp Biomass and FPT. The latter will also perform biomass management services.

Approximately EUR 80m of long term debt is being provided by Instituto de Crédito Oficial (ICO), Banco BPI S.A. and Millennium bcp.

It is expected that the two plants will create over 50 new jobs and contribute indirectly to an additional 300 jobs throughout the biomass chain. The plants should also help to reduce the risk of forest fires, a recurring problem in Portugal.

“This project is our first investment in the biomass sector and our first in Portugal. In addition, we are very happy to team up with our local partner FPT who already have existing biomass operations” declared William Pierson, Managing Director of Marguerite Adviser S.A.“