Novera gets second approach from Terra Firma

LONDON (Reuters) - British wind and waste-to-energy company Novera (NOEN.L: Quote, Profile, Research, Stock Buzz) said on Monday it had received a second takeover approach, this time from Infinis, a landfill-gas company backed by Guy Hands's Terra Firma.

Novera, which is developing a portfolio of wind farms and already generates electricity from landfill gas, is still in talks with 3i's Infrastructure Fund (3IN.L: Quote, Profile, Research, Stock Buzz).

But Novera may see Infinis, owned by private equity firm Terra Firma TERA.UL, in court.

Since the 3i approach Novera has asked the Waste Recycling Group (WRG), on whose landfill sites it operates, whether its lease agreements can be shifted over to 3i should it take over.

Novera said on Monday that it and WRG are going to court to determine the issue. WRG, which used to be owned by Terra Firma until 2006 and out of which Infinis was spun off, has appointed Infinis as its adviser.

Infinis claims to be Britain's largest renewable-only electricity company by the amount of power it generates.

It pumps methane collected from decomposing waste under landfill gas sites to generators where the gas is used to create power. It is developing its own wind portfolio.

Novera said it received the approach from Infinis three days after last month's 90-pence-per-share offer from 3i, which valued it around 112 million pounds ($221 million). Novera did not put a value on Infinis's approach.

WRG is owned by the Spanish construction and services group, Fomento de Construcciones y Contratas (FCC.MC: Quote, Profile, Research, Stock Buzz).