Energy investment group Macquarie Capital Principal Finance has purchased a majority share in UK-based biogas company BioCow for an undisclosed fee.

BioCow uses anaerobic digestion: a system where animal, food or agricultural waste is turned into biogas in an anaerobic digester. From this Biocow uses the biomethane to produce heating for homes and businesses as well as green transport fuel.

BioCow stated that it will use the investment from Macquarie to expand its operations outside of its base in Cambridgeshire. It will also complete a project with the National Grid to have the first biomethane injection point to the transmission grid.

Macquarie said that it invested in BioCow due to a “growing demand” for green gas, as biogas will be an important part of the UK’s future energy mix by reducing carbon emissions from domestic and business heating as well as agricultural processes.

Macquarie Capital managing director Patrick Ottersbach said: “We have followed the development of anaerobic digestion in Europe for several years, looking for the right operating partner to scale this carbon-neutral energy technology. We are excited to work with BioCow to develop its platform and contribute to the UK’s energy transition.”

BioCow co-founder Derek Bourgoyne said: “We started BioCow to produce biomethane on farms in an environmentally and economically sustainable manner. In Macquarie, we have found a financially strong partner with world-leading expertise in renewable energy and infrastructure.

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“We are excited to partner together to develop anaerobic digestion into a mainstream gas source in the UK and meet growing demand for carbon-neutral gas for heating and transport.”

Macquarie Group’s stock price currently stands at A$137.81 ($93.97) on the Australian Securities Exchange, giving the company a market capitalisation of A$48.84bn ($33.3bn).

Macquarie Group share price in 2019

In the period 2018-19 Macquarie has invested more than £4bn in energy projects, including a stake in the Formosa 2 offshore windfarm in Taiwan and doubling its stake from 10 to 20% in the Gwynt y Môr offshore windfarm off the coast of Wales.

It has 13.5GW in renewable energy assets around the world under its management.