£100m of debt bought by PIC to finance Yorkshire biomass power plant
Publish Date:Posted over 7 years ago
The UK’s £18.4bn (€21.4bn) Pension Insurance Corporation (PIC) has aquired £100m of debt that will go towards a renewable energy plant in the north of England, with the debt structured as a rare consumer prices index-linked transaction. The debt issue raises financing for the construction of Teesside Renewable Energy Plant, in Yorkshire. The plant will be a 299-megawatt wood chip and pellet-fuelled station able to generate electricity for 600,000 homes, 24 hours a day. Macquarie Specialised Investment Solutions (MSIS) structured the deal, with the pensions insurer buying the entire £100m tranche. The debt has an eight-year maturity and is amortising.
