Infinis and the Scottish Resouces Group have hammered out a deal whereby Infinis will acquire the entire share capital of Scottish BioPower Ltd. The deal, which also involves the acquisition of Scottish BioFuel Ltd and other renewable energy assets of the Scottish Resources Group, is thought to be worth in the region of £10m. 

Infinis explained that following the completion of the deal, thought o be sometime in September, it intends to develop in excess of 125MW biomass powergeneration assets and in excess of 125MW of wind farms in central Scotland, subject to planning and regulatory approval.

Planning application for the first biomass power station, to be sited at Westfield, was submitted in January and the outcome is expected shortly.

Commenting on the announcement Dacre Purchase, Managing Director of Scottish Resources Group said; "We are delighted to propose this deal with Infinis to our Shareholders as we believe that it presents an excellent opportunity to develop out significant value from the SRG portfolio that we have spent many years establishing.  Under the terms of the deal, we will continue to work alongside Infinis on many current and future projects with the added benefit of bringing in their level of expertise, drive and resources.  Their skills, when combined with the strong portfolio we have established, brings together two major Groups to deliver on our projects over the coming months and years.

The proposed deal has come about after a tremendous amount of very intense work by the team involved and I would like to thank them for there absolute dedication over the recent period.

We see this proposed deal as a refocusing of our activities in the renewables sector, where we focus on our land and people skills to be able to continue to contribute to the Scottish Government's renewable energy targets."

Alan Lovell, Chief Executive of Infinis said; "Our intentionhas always beeen to have a diversified portfolio of renewable tachnologies particularly expanding our biomass and wind capabilities. These acquisitions of the established businesses of both Scottish BioPower and SRG's renewable energy assets, including Scottish BioFuel, will help us to create a leading market position in renewable power in Scotland."