Private equity company Foresight Group has completed two new investments, totalling £9 million in waste and recycling firms. Yorkshire-based waste company AWP Environmental has received £6m and plastic recycling company Lynwood has received £3m.
The venture firm invests in small to medium sized, waste treatment, recycling and renewable energy generation facilities. It has invested £6 million in funding waste management company, Yorkshire-based waste company AWP Environmental, for its proposed £18m energy from waste plant at Tockwith, North Yorkshire. Planning permission is currently being sought for the plant and if built will supply enough electricity to power around 6,000 homes.
Foresight partner Matt Taylor told MRW: We believe that networks of local facilities we call it distributed infrastructure are attractive because transport of waste of fuel is minimized, opportunities for optimal energy use through combined heat and power can be maximized.
Foresight has also injected £3m into Lynwood. The company recycles plastic and makes new products such as park benches from the material. Foresight partner Andrew Page explained:
Landfill just isnt an option any more for valuable wastes of this sort. Lynwoods expertise in plastics sourcing and blending, positions the company as a leader as the industry moves from waste to re-using valuable materials.
Taylor added: This year has been very active because the landfill diversion targets are biting. It takes two years to establish substantial waste treatment facilities and with waste disposal authorities needing to meet targets in 2010, 2008 has marked the end of talking and the start of doing. The increased Renewable Obligation Credits included in the Energy Bill 2008 also bring the economics of renewable energy closer into line with continental Europe, where the same economics have already led to major investment waves.
Image: Matt Taylor, Foresight partner