Danish engineering company Burmeister & Wain Scandinavian Contractor (BWSC) and PensionDanmark are set to acquire a planned biomass power plant in Lincolnshire, England from UK-based renewable company Eco2 for £160m.
The companies are set to acquire the 40MW Brigg Renewable Energy Plant through a joint venture, BWSC, to build, own and operate the biomass plant. BWSC has invested £32m in the transaction, while the remaining will be provided by PensionDanmark.
BWSC CEO Anders Heine Jensen said that the investment marks a significant event for Danish energy technology exports, which has been suffering from financial crisis.
"Now, BWSC and PensionDanmark are forming a joint venture with the aim of building, owning and operating select biomass power plants internationally," added Jensen.
"With this model, not only will we be market leaders in power plant technology, but we will also own, operate and finance new plants in collaboration with PensionDanmark."
BWSC has undertaken the construction of the biomass power plant and is also expected to take up operation and maintenance services of the plant for a period of 15 years.
Following the operational commencement in early 2016, the straw-fuelled facility is estimated to produce power enough to fulfill electricity requirements of 70,000 households.
PensionDanmark CEO Torben Möger Pedersen said, "We are looking forward to working with BWSC, whose established expertise meets our high standards for industrial partners in this type of joint venture."