The Green Investment Group (GIG) has announced its first energy-from-waste deal outside the UK since being sold by the Government to Macquarie Group.
586 Covanta poolbeg Dublin
It is to invest £120m in a 50% stake in Covanta’s newly operational energy-from-waste (EfW) plant at Dublin Port. The pair have identified six projects across the UK and Irish Republic to jointly develop, fund and own.
These projects are expected to treat approximately two million tonnes of residual waste a year.
In September, GIG backed a wind farm project in Sweden, the largest single-site onshore wind farm in Europe.
Edward Northam, head of GIG in Europe, said: “Investing in Covanta’s landmark Dublin project is the first step in realising the potential of the partnership. As it enters its first full year in operations in 2018, the state-of-the-art facility will help ensure Ireland continues to meet its landfill diversion targets.”
Steve Jones, president and chief executive of Covanta, said: “GIG brings substantial in-market expertise, relationships and credibility, with a tremendous track record and capabilities for sourcing, developing, executing and managing large-scale renewable infrastructure projects.
“The creation of this partnership and investment by GIG into the Dublin project allows us to fully fund an expanded UK development pipeline, and enables successful international development and growth on a consistent and repeatable basis.”
In May 2013, Covanta had warned it would pull out of the UK unless it found a buyer or a partner for its three sites which had planning consents for EfW facilities or permits, including Rookery South.
In June 2016, Covanta and Biffa announced a deal to explore jointly two potential projects: the Newhurst site in Leicestershire, for which Biffa won permission in 2012, and the Protos site in Cheshire.
In May 2016, Covanta signed a project development agreement with Veolia to develop a facility at Rookery South Pit near Stewartby, Bedfordshire, which will process municipal, commercial and industrial residual waste from the surrounding area.
At that time, MRW reported that the company no longer had offices in the UK but a spokesman said: ”We have a small development office in London. Our partnership with Biffa is going well. We continue to make good progress on the development of the Newhurst and Protos projects.”