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Princes Charles, Rothschild Clean Power Business Raises Money

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May 2 (Bloomberg) -- Tamar Energy Ltd., a waste-to-power business backed by U.K. financier Jacob Rothschild’s RIT Capital Partners Plc, and the estate of Prince Charles, raised 7 million pounds ($11.3 million) from Ludgate Environmental Fund Ltd.

Ludgate, a Jersey-based clean technology fund, made the investment for Tamar to develop and build plants in the U.K. that will use food and mixed waste to produce electricity, according to an e-mailed statement today.

Tamar plans to build as many as 40 facilities over the next five years for a total capacity of 100 megawatts. The company also counts J Sainsbury Plc, the U.K.’s third-largest supermarket owner, as an investor.

The U.K. is seeking to get 15 percent of its energy from renewable sources by 2020. The Department of Energy and Climate Change estimates as much as half of that may be generated from biomass, which includes municipal waste, wood chips and straw.

Ludgate also invested 3.1 million pounds in Ignis Biomass Ltd. for it to build a biomass power plant in Wick, Scotland. In addition it led a 5.3 million pound growth capital funding round in Germany’s Micropelt GmbH alongside Mitsubishi UFJ Capital Co. Micropelt has developed technology that uses waste heat to generate electricity.

To contact the reporter on this story: Louise Downing in London at ldowning4@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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