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Luxemburg / Madrid – 10/06/2021 – The European infrastructure fund, Marguerite, closed a long-term cooperation and investment framework agreement with the Spanish company Recursos de la Biomasa, S.L. (Rebi) to support the development of a portfolio of urban heating network projects fuelled with renewable feedstock and located in several municipalities in Spain.
Marguerite will invest in the development of urban heating networks to be located in municipalities characterized by an average annual heating and hot water demand of 8,000 kWh per household. These networks will be designed to reach total annual heat deliveries to final customers of at least 80 GWh. The heating networks will be fuelled with sustainable biomass sourced from cleaning of local forests and potentially hybridized using waste heat from local industries, thereby contributing to the circular economy and improving energy efficiency.
Rebi will be responsible for the construction of the projects under turnkey EPC contracts. The Spanish company will also – once the projects are completed – carry out the operation and maintenance, the technical and commercial management of the assets, which will be operated jointly. Marguerite’s contribution will consist in providing the necessary capital for the projects’ development and implementation with the aim of reaching a total investment amount of up to EUR 75 million in the coming years.
“This investment fits very well with our investment strategy in sustainable infrastructure projects that contribute to reducing CO2 emissions and promoting the circular economy. The heat networks will allow for an efficient supply of renewable energy and contribute to the improvement of the environment and support the local economy. Rebi has experience in developing and operating urban heat networks in Spain. The agreement with Marguerite will step up the development of greater business opportunities, and optimize investments in this sector”, said William Pierson, Managing Partner at Marguerite.
“Closing of this collaboration agreement with Marguerite, one of the leading infrastructure funds, is an important milestone for our company. Marguerite’s support provides us with the financial strength necessary to implement our portfolio of projects under development, to reinforce our growth strategy and to be leaders in the supply of urban heating”, said Alberto Gomez, Rebi’s CEO.
Marguerite was advised by Pérez-Llorca (legal), Advisian (technical), Afry (commercial) and KPMG (tax and financial).