Participation Platform for Biogas

A summary for Qualified Institutional and Strategic Investors Only

SusBDe offers the oppertunity to participate in a pan-european biogas platform. Projects are structured via a investment platform, a so-called Platform Company and projects organised in dedicated Special Purpose Vehicles (SPVs).

Investor synopsis

SusBDe is a Netherlands and Cyprus based developer and platform operator focused on utility-scale biogas production in Europe. The platform aggregates high-quality, fully permitted biogas projects powered by chicken litter and poultry waste — one of the highest-yielding organic feedstocks for anaerobic digestion.

This memorandum outlines an institutional-grade opportunity to (co-)invest in a portfolio of projects across Poland and broader Europe with targeted equity participation at the asset level and a structured platform strategy. Investors receive milestone-secured equity, annual dividends, capital protection via guarantees, and exit potential based on EBITDA-multiple driven enterprise value.

About SusBDe

Market opportunity & Business Context

The European Commission’s Green Deal and RED II directive target 35 bcm of biomethane production by 2030, creating a €40–50 billion investment opportunity in the renewable gas sector. Poland, the largest poultry producer in the EU, generates over 20 million tonnes of chicken litter annually — an underutilized resource with exceptionally high biomethane potential.

Anaerobic digestion (AD) of chicken litter produces stable, baseload renewable energy, qualifying for feed-in tariffs, carbon credits (CERs), and EU grants. Our projects are designed for 2.5 MW gas equivalent to 1 - 3 MW electricity output, converting 22,000 to 66,000 tonnes of poultry waste per plant, and generating strong cash flows from multiple revenue streams:

  • Biomethane sales (grid injection or bio-LNG)
  • Carbon credits (voluntary and compliance markets)
  • Digestate valorization as certified organic fertilizer
  • Renewable Energy Guarantees of Origin (GoO)

Platform Structure and Investment Mechanics

SusBDe operates as a developer and provides technology to the Platform Company. The role of EPCM (Engineering, Procurement & Construction Management) contractor is organised by SusBDe whule contractin an EPC partner.

The Platform Company structures projects under dedicated Special Purpose Vehicles (SPVs) and co-invests alongside investors.

Each project follows a milestone-based drawdown structure:

  • First drawdown is based on project development
  • Additional capital drawn are based on land, permits, feedstock, and offtake agreements additionally contractually secured
  • Construction and operational risks are covered by third-party guarantees and insurance packages (CAR, DSU, environmental liability)
  • Entwerprise value is secured via an insured performance guarantee with a tenor of 10 years for any sales shortfall due to lack of gas production
  • Capital efficiency is optimized by layering equity with senior debt and EU funding support where available

SusBDe is currently seeking institutional investors willing to commit capital into a structured facility. This facility allows for flexible capital drawdowns over time, aligned with the development and construction schedule of multiple biogas assets. In essence, investors allocate capital to the platform, which is then deployed on a milestone basis to fund land acquisition, permitting, EPC execution, and commissioning. SusBDe takes full operational responsibility for project execution, ensuring capital is deployed only when risk criteria are met and verified by third-party advisors.

The facility is routed via a jointly held development company and projects organised in Special Purpose Vehikels. Investors are equity participants in both!

Enterprise Value and Return Profile

Overview

Each biogas asset is modeled to generate stable EBITDA is approx. €1.0 million annually, depending on capacity and region. Plants operate under long-term feedstock contracts with poultry producers and pre-arranged energy sales.

Exit valuations are based on current M&A benchmarks for operational biogas plants in the EU, which transact at EBITDA multiples of 8–14x, where calcualtions are based on the average of 10.

Example

Illustrative enterprise value per 1 MW plant:

  • Annual EBITDA: €1.3 million (conservative base case)
  • Implied EV @ 10x EBITDA: €13 million
  • Facility contribution per MW: €2.5–3 million
  • Target IRR (equity level): 14–18%

Refinancing & Exit Strategy

Platform-level exit or refinancing options can include

  • Sale to infrastructure funds or strategic utilities
  • Public listing of a consolidated biogas asset platform
  • Secondary fund recapitalization

Risk Mitigation Framework

SusBDe projects are de-risked by an integrated insurance and guarantee structure. All projects are verified at each stage by independent engineers and supported by local legal, permitting, and environmental consultants.

The insured performance guarantee compensates any financial shortfall of a lack of gas production.

Construction risk

Construction All Risk (CAR) and Delay in Start-Up (DSU) policies.

Performance risk

Technical performance guarantees by equipment suppliers.

Supply risk

Feedstock contract guarantees with poultry producers.

Environmental risk

Environmental liability insurance and waste handling compliance.

Read more about our insurances on our investor's insurance page.

Development Pipeline and Institutional Support

Portfolio

The initial project portfolio includes 4 sites in Poland with a combined capacity of 10 MWg and access to over 110,000 tonnes/year of poultry waste. All sites are located in high-density poultry farming regions.

    Projects

    Each project will have:

    • Identified and land plots (non-contaminated, zoned for industrial/agricultural use)
    • Active environmental and building permit tracks
    • EPC and technology partners under exclusive engagement
    • Insurance pre-underwriting and debt funding tracks initiated with local and EU banks

        Illustrative Investment Case

        The following example outlines the expected financial profile of a typical 2.5 MW project within the SusBDe platform, using chicken litter as feedstock:

        Key Project Metrics

        • Installed Capacity: 2.5 MW (electric equivalent)
        • Feedstock: ~22,000 tonnes/year of poultry litter
        • Total Capital Expenditure: €9.75 million
        • Project IRR: 18.67%
        • Payback Period: 8 years
        • Total Net Return (project life): €16.29 million
        • Annual EBITDA (average): approx. €1.3–€1.5 million

        Cash Flow and Valuation Example

        Based on a conservative exit scenario using standard EU biogas market benchmarks:

        Annual EBITDA (stabilized)

        €1.3 million

        EBITDA Multiple (exit range)

        8x – 14x

        Implied Enterprise Value (EV)

        €10.4M – €18.2M

        Equity Investment Required

        ~€3.2 million

        Target Equity IRR

        14% – 18%

        Exit Year

        Year 5 or longer (investor’s option)

        This example shows how each project in the platform can yield significant upside for equity participants, while ensuring stable cash flows and dividend income. Returns are enhanced by carbon credit monetization, digestate valorization, and EU renewable energy incentives.

        Investment Proposal

        Guarantee Framework by SusBDe

        To mitigate risks and secure investor returns in the renewable energy project, SusBDe provides a comprehensive set of guarantees structured around three key areas:

        1. Financial Compensation Guarantee: asset protection-revenue continuity and liability management
        2. Technical Performance Guarantee: technical performance assurance
        3. Energy Production Financial Guarantee: a financially revenue shortfall compensation

        The insurance program and financial performance guarantee structures are designed to be transferable directly to investors, further enhancing financial security and investor confidence.

        1. Financial Compensation Guarantee

        SusBDe has established a comprehensive insurance framework specifically designed to safeguard investor capital and interests. This robust protection strategy ensures risk mitigation across key project dimensions, significantly enhancing investment security. Coverage includes:

        • Asset Protection: Insurance against property and material damage, ensuring the physical integrity and value preservation of project assets.
        • Revenue Continuity: Coverage for loss of revenue due to project delays, encompassing compensation for lost net profits, ongoing fixed costs (inclusive of additional debt service obligations), and accumulated interest.
        • Liability Management: Extensive third-party liability insurance covering potential environmental and other damages, effective throughout both construction and operational stages.

        Coverage Duration: The insurance policy spans the entire construction period and extends through the initial ten years of project operations, providing investors with sustained confidence and financial security.

        2. Technical Performance Guarantee

        SusBDe ensures operational excellence through a long-term service agreement offering:

        • Technical Performance Assurance: Guaranteed operational performance above 80% efficiency.
        • Continuous Monitoring: 24/7 data analytics and operational support to optimize plant performance.
        • Fault and Damage Management: Comprehensive management of technical faults and third-party damages.

        Duration: 10 years post-Commercial Operation Date (COD), with options to extend up to 30 years.

        3. Energy Production Financial Guarantee

        To safeguard investor returns tied directly to energy production, SusBDe provides a monetized performance guarantee:

        • Compensation for Revenue Shortfalls: Financial compensation if energy sales drop below the guaranteed 80% threshold.
        • Fault and Damage Management: Integrated management of production faults and third-party impacts.

        Duration: Available for 5 or 10 years post-COD.

        View more

        Engagement Process and Contact

        Qualified investors are invited to engage with SusBDe via:

        • Review of project data room (under NDA)
        • Technical presentation and Q&A with engineering team
        • Joint review of cash flow models and equity waterfall

        For direct inquiries or to receive a tailored investment overview, please contact us using the links below.

        Contact us