Clean energy company ReNu Energy has announced agreements for sale of 70 percept majority equity stakes in its existing bioenergy assets to Resonance Industrial Water Infrastructure Funds (RIWIF).
The proposed transaction also gives RIWIF the first right of refusal to make further investments to support the development and growth of combined bioenergy business portfolio with ReNu Energy of up to $100 million in Australia and New Zealand.
RIWIF’s initial investment under the proposed transaction is anticipated to be a $6 million to acquire a 70 per cent interest from ReNu Energy of its existing bioenergy assets as well as to fund 70 per cent of the proposed AJ Bush bioenergy “G4” expansion project.
ReNu Energy’s two existing operational bioenergy projects are the Goulburn bioenergy project located at the Southern Meats abattoir in Goulburn, NSW, and the AJ Bush bioenergy project located at the A.J. Bush and Sons rendering plant in Beaudesert in Queensland.
ReNu Energy’s CEO Craig Ricato said the proposed investment by RIWIF validated the strong potential and value in the Australia and New Zealand bioenergy market.
“The installed capacity of bioenergy facilities in Australia and New Zealand trains that of Europe and the USA, and we believe that there is opportunity fir over 100 new bioenergy projects in Australia alone,” Ricato said.
RIWIF is an investment fund managed by UK based Resonance Asset Management Limisted, which is focused on investment in outsourced industrial water treatment, waste to energy and resource recovery infrastructure projects in Europe, Australia, China, and South East Asia.