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Balfour Beatty鈥檚 investment arm has agreed a deal to acquire cutting-edge energy firm Alkane Energy for 拢61.3m.

Alkane specialises in producing power from disused coal mines through the acquisition of trapped methane. The firm, which is amoing the fastest-growing energy providers in the UK, has a total of 145MW of generating capacity installed. In the previous year鈥檚 financial results Alkane posted annual revenue of 拢16m, with a gross profit of 拢6.5m

Alkane Energy鈥檚 board has reached a deal with Balfour Beatty Infrastructure Partners (BBIP) to purchase the entire company after being back by more than 35% of current investors.

Roger McDowell, chairman of Alkane, said: 鈥淭he Board of Alkane have reached an agreement on the terms of a recommended cash offer for Alkane. This Offer enables Alkane shareholders to realise value today in cash for their shares at a significant premium to the recent historical share price, which, in the board鈥檚 view, has been impacted by negative sentiment towards the energy industry and continued regulatory scrutiny.

鈥淏BIP have a well-respected track record in the infrastructure sector and as a patient investor, will be able to support the Company鈥檚 longer term growth ambitions, building on its current portfolio of baseload CMM generation and power response sites. We believe that the Offer is a good outcome for all Alkane stakeholders.鈥�

Rob Gregor, managing partner of BBIP, said: 鈥淲e see great opportunity in the [Alkane] business and believe BBIP is an excellent partner to support the next phase of Alkane鈥檚 development, and thereby contribute to the security of the UK power supply.鈥�