ENGIE’s £64.8m acquisition of Ixora Energy Ltd advised by Burges Salmon
Independent UK law firm Burges Salmon has advised ENGIE, the French multinational utility company committed to accelerating the transition towards a carbon-neutral world, on its £64.8m acquisition of Ixora Energy Ltd, a biomethane producer based in the UK.
As ENGIE continues its expansion across Europe and accelerates its development in the fast-growing UK market, the acquisition of Ixora Energy Ltd consolidates ENGIE’s pipeline of projects in the region and strengthens its biomethane portfolio with the addition of three new production units located in Devon and Somerset, which collectively generate c. 160 GWh of biomethane annually.
The Burges Salmon team advising on the transaction was led by partner Danny Lee and associate Nikoletta Zinonos from the firm’s Corporate Group. They were supported by a multi-disciplinary team of lawyers from across the firm’s Energy and Built Environment sectors who provided energy, regulatory, construction, real estate and planning expertise, including Euan Bremner and Claire Batty (real estate), Ian Carnochan and Rishi Naidoo (tax), Craig Whelton and Matthew Tucker (planning), Greg Fearn, Philippa Shepherd and James Phillips (feedstock arrangements, regulatory and environmental).
Danny Lee commented: “ENGIE’s sustained investment in biomethane plays an important role towards its goal of achieving net zero carbon emissions by 2045 and meeting the decarbonisation needs of its customers.
“It has been a pleasure to work with the company on this significant acquisition, which highlights the attractiveness of the UK market for the production of biomethane and the important role it plays as one of the main renewable gases of the future.
“This was a complex transaction involving many different moving parts but our ability to provide full service legal advice, coupled with our understanding of the energy sector and local market, meant we were able to secure a smooth completion for all parties.”
Stuart Rennie, Finance Director of Storengy UK, a subsidiary of the ENGIE group added: “This acquisition resonates deeply with our commitment to a diversified energy mix where biomethane stands as a pivotal force in Europe’s decarbonisation and energy sovereignty, while ensuring a resilient and affordable energy transition.
“In this way, ENGIE is committed to contributing to the UK’s goals for renewable energy and decarbonisation. We’d like to thank the whole team at Burges Salmon for its excellent advice throughout the process.”