Ludgate environmental sells Ignis Biomass for £4m

Ludgate Environmental Fund has announced that it has entered into an agreement to sell the entire issued capital of Ignis Biomass Ltd to Equitix for £4m. Of this, £2.4m is payable on completion of the sale and £1.6m is deferred pending the achievement of certain performance conditions. The company says that additional payments may also be made up to 31 December 2016 against agreed contractual operating targets. Ignis Biomass specialises in the generation of renewable energy from sustainably sourced timber. It is the owner and operator of the district heating scheme in Wick, Caithness in Scotland where it has taken over the district heating scheme from the Highland Council and converted it to use locally sourced wood chip (previously it ran on oil).

Ludgate environmental sells Ignis Biomass for £4m : LEF

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