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54-72 DealDirectoryV6.qxp 16/2/09 17:51 Page 63
INTERNATIONAL DEAL DIRECTORY
NORD BACKS BELGIAN BIOMASS PROJECT
provides funding to
US renewable energy company Shanks’s biomass resource skills
Shanks Group and Intrinergy
Intrinergy and European waste with Intrinergy’s combined heat
This announcement appears as a matter of record only
management specialist Shanks and power experience and wood
Group Plc are to build a biomass pellet manufacturing and
plant in Belgium after winning distribution expertise creates
the support of a German bank. a robust business model that
The companies secured €34 can potentially be used on
million (£28.9 million) of senior future projects.”
debt from Nord, which will cover VARE’s project counsel is
80 per cent of the cost of Hunton & Williams, led by John
building VARE, a combined heat Deacon in London and Hervé
and power plant with a wood Cogels in Brussels.
pellet manufacturing operation. Deacon said Intrinergy is an
Project counsel:
Intrinergy and Shanks will existing client of the firm’s US
provide the outstanding 20 per office. “This project will be
cent of the budget. Intrinergy’s first in Belgium,
“Combining Shanks’s biomass resource skills with
Intrinergy’s combined heat and power experience
and wood pellet manufacturing and distribution
expertise creates a robust business model that can
Legal adviser to Shanks Group:
potentially be used on future projects”
VARE is to be fuelled by although they have been active
renewable biomass supplied by in Germany for some time.”
Shanks subsidiary Foronex, and Intrinergy and Shanks were
will generate up to 12 MW of supported during the technical
Technical due diligence provider to NORD:
steam and almost 5 MW of review of the proposed biomass
electrical power. This will be plant by consultancy firm
used to produce 50,000 tons of Currie & Brown.
pellets per year, a fuel source Its team was headed by
used instead of heating oil and director Jim Crossman, who
natural gas. explained that the firm was
Intrinergy chief executive approached to work on the deal
John Keppler said the deal due to its previous wind turbine
shows the company’s ability to and energy-from-waste work
create energy and environment with Shanks, Hunton &
Insurance due diligence provider to NORD:
investment opportunities. “At a Williams and Nord.
time when the credit markets “The strength of the
are tightening, we’re delighted relationships and
to be able to close on this interdependencies are
transaction and extend believed to have benefited
Intrinergy’s renewable Intrinergy and Nord in this
energy franchise.” transaction,” Crossman said.
Shanks chief executive Tom Meanwhile, Shanks was
Drury added, “Combining represented on the legal issues
Mergers & Acquisitions 63
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