The company has already acquired GG Eco Solutions in a deal worth $3.8m, in order to expand its presence in the UK bioenergy industry, reports Bloomberg.

Foresight Group has agreed to finance a React biomass facility in London, while RBS also has offered funding to projects developed by React.

React Energy plans to commence operations at five biomass and onshore wind projects by the end of this year.

React Energy chief executive officer Gerry Madden said, "We intend to be a consolidator in the industry so we’re talking to a number of other developers for another bolt-on acquisition.

"A lot of these are developers that have got to a certain stage with permitting their projects and they need to get over the hurdle of funding them and they recognize our relationship with funders."