iCON buys Scottish CHP plant

The London-based fund manager has reached financial close on a facility serving local distillers less than a week after buying its second Dutch port operator.

iCON Infrastructure has completed its acquisition of 95 percent of Helius CoRDe, a combined head and power (CHP) plant in Northern Scotland, from UK power developer Helius Energy and Rabobank subsidiary Rabo Project Equity.

The transaction, which closed yesterday after a short period of exclusive negotiations, will see the facility renamed Rothes CoRDe, the London-based fund manager said in a statement. The Combination of Rothes Distillers, a consortium of six local distillers, will retain its 5 percent stake in the plant.

Commercially operational since July 2013, Rothes CoRDe owns an 8-megawatt electrical / 34-megawatt thermal CHP plant fuelled by a combination of whisky distillery by-product and wood chips. It also owns a pot ale processing plant and operates an effluent treatment facility serving Rothes CoRDe and local distillers.

The plant, iCON’s second CHP investment since its 2013 backing of Beckton Energy, sells its power under a number of long-term contracts. It also benefits from the UK Renewable Obligation regime.

The deal comes less than a week after the firm acquired 100 percent of Service Terminal Rotterdam (STR), a company that owns and operates a bunker fuel terminal located in the Port of Rotterdam. STR was iCON’s second foray in the port sector, following its November 2013 investment in Verbrugge International.