BWSC PCL, a joint venture between Burmeister & Wain Scandinavian Contractor A/S (BWSC) and PensionDanmark, has acquired the power plant for £160m.
Earlier in 2013, BWSC PCL purchased Brigg straw-fired biomass plant in North Lincolnshire in 2013 from Eco2.
Primarily fuelled using locally sourced straw, the Snetterton renewable energy plant can generate enough electricity to meet the needs of approximately 82,000 homes while reducing approximately 300,000 tones of CO2 emissions per year.
Eco2 CEO Dr David Williams said: "This is a significant deal for the UK biomass industry, and the second sale Eco2 has completed with BWSC PCL on a sustainable-scale straw-fired biomass plant.
"As a company, we are successfully operating on a global scale, and this latest deal is the third of its kind in the past three years, totalling £490m."
Eco2 commercial director Darren Williams said: "Building the plant will result in an £11m annual investment in the East Anglian agricultural economy from fuel supply contracts by sourcing all straw from within the region where possible.
"In addition, it is expected that the Snetterton Biomass Plant will provide up to 36 permanent jobs when operational, plus a further 50 jobs in fuel transportation. During construction, a maximum of 250 people will be employed on the site each day."
BWSC will be responsible for constructing, operating and maintaining the biomass power plant, which is scheduled to enter service by spring 2017.
