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GFG planned to run the generators on hydrotreated vegetable Oil or HVO, the person added Ofgem data shows the generators did a short run with HVO. These had been installed at its factories in Wales, Scotland and Northern England in 20.
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GFG named the bond plan Project LRB, or “Little Red Boxes,” a reference to the red-painted steel shipping containers that held the generators, according to one of the people familiar with the matter. Given that biodiesel is even more expensive than diesel, it’s not really something that has been used,” said Prashant Vaze, Head of Policy at advisory group Climate Bonds Initiative. “Diesel generation is not very common because it’s expensive. They said the cost of biodiesel and the sale price of power can vary over time but said the business model was unlikely to be break even due to the high cost of the fuel, let alone generate sufficient profits to repay the bond holder. Reuters’ analysis is based on benchmark figures from published market data, equipment manufacturers and regulatory information, which it confirmed with at least four industry experts. GAM has seen a more than billion-dollar drop in its stock market capitalisation and placed restrictions on client withdrawals following a wave of redemption requests. The details of the bonds, including how much GAM paid and the underlying business, also haven’t previously been reported. GAM has previously publicly said it suspended and then dismissed Haywood following an internal whistle blower alerting UK regulator the Financial Conduct Authority, but the company has not disclosed which securities it related to or what the concerns were. Those generators have largely sat idle for two years, according to public company accounts and Ofgem data. UK-based GAM fund manager Tim Haywood paid more than 550 million pounds in 2017 for the bonds that were due to repay about 1 billion pounds over 20 years, according to the people familiar with the matter and corporate filings.īut the assets backing the bonds were generators and related equipment installed at a cost of around 22 million pounds, corporate accounts show. A Reuters analysis of corporate filings, regulatory documents and market data supports that view. But the employee who brought his concerns to regulators believed the operation was unlikely to make enough money to repay the bonds partly because of the high cost of the fuel it planned to use, these people said. The bonds related to a biodiesel-fuelled power generating business, the people familiar with the matter said. FILE PHOTO: A row of red-painted containers at the Lochaber aluminium smelter site, which is owned by companies controlled by Sanjeev Gupta's GFG Alliance, in Fort William, Scotland, Britain April 17, 2019.