Appetites for investment in the waste and recycling sector remain strong despite tough economic conditions as a sector specific fund hits target funding of £10 million. The New Earth Solutions Recycling Facilities Investment Sub-Fund launched in July 2008 with The Premier Group, an Isle of Man based investment fund. It was set up to invest directly in New Earth Solutions UK waste and recycling infrastructure.
Premier director David Whittaker said: We are delighted to hit our first target during such difficult times. Despite the recession we are still seeing strong appetite to invest in the waste sector. Investors and their independent financial advisers have been monitoring the market for some time and recognise the potential for good financial returns from the waste and recycling market.
Over 20 of the leading international life companies and SIPP [Self Invested Personal Pension] providers have also come on board since launch, including Canada Life International and Aegon and have made the fund available through their products. We see this as a strong indication of the confidence in the funds growth potential.
New Earth Solutions finance director Adrian Jones said: New Earth Solutions is poised for accelerated growth over the next five years as we grow a network of biodegradable waste treatment facilities throughout the UK and the fund will help support this.
NES recently acquired the former Bioganix in-vessel composting facility in Gloucestershireand has gained planning permission for a food waste plant in Avonmouth, Bristol. The construction of a residual waste plant in Lutterworth, Leicestershire will also start soon. NES has two 50,000 tonne mechanical biological treatment plants in Dorset and in Kent and is supported by waste management contracts with Bournemouth, Bristol, Kent, Dorset and Leicestershire councils.
Earlier this month NES and Biossence joined forces to create a new venture Mersey Green Solution, which will finance and operate waste and recycling infrastructure.