After securing €10m of equity funds with the Portuguese Infrastructure Funds NEF, Cycleenergy Beteiligungs- und Management AG, a biomass power plant developer and operator in Austria, doubled its capacity through the acquisition of Bioenergie Gaishorn GmbH in the last days of 2009.
The Gaishorn biomass power plant is one of the largest power plants in Styria. It provides approximately 25.000 households with electricity indirectly and has a capacity of 21 Megawatt.
The main part of the heat, which is a by-product of the electricity production, is sold to local purchaser – particularly Mayr Melnhof; the remaining portion is used to produce 20.000 tons of pellets per annum.
Commenting on the deal, Florian Dietz, CEO and co-founder of the company, was reported to say: “The Gaishorn takeover will not be the last acquisition this year.
“We will purchase two more operational assets in the next month.
“Therewith the number of biomass power plants run by Cycleenergy will rise from four at present to six.
“Our project pipeline is well filled and we will increase our equity value from currently app. €20m to €30m to 35m in 2010”, Dietz added.