Green Investment Group Limited (GIG) – part of the Macquarie Group – has announced a partnership with Covanta to jointly develop and own new waste-to-energy projects in the UK and Ireland.
As part of its involvement in the partnership, the GIG has agreed to invest 136 million Euros as a 50 per cent stake in Covanta’s newly operational Dublin Waste-to-Energy Facility. The plant, located at Dublin Port, is capable of processing over 600,000 tonnes of residual waste annually.
Covanta’s newly operational Dublin Waste-to-Energy Facility
The Green Investment Group includes the former government-owned Green Investment Bank while Covanta is an experienced energy from waste plant operator which withdrew from the UK but has now resurfaced on a number of projects, including working with Veolia on new energy from waste plants.
Projects
The GIG and Covanta say they have identified up to six projects across the UK for potential inclusion in the partnership. Once realised, these projects are expected to treat 2 million tonnes of residual waste per annum.
Commenting on the partnership, Steve Jones, president and chief executive, Covanta, said: “I am very excited about this strategic arrangement with a highly experienced and committed partner that understands the value of WtE assets and our development and operational capabilities.
“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. GIG and Covanta have highly complementary skills and resources, making this a powerful partnership to execute a robust combined pipeline of opportunities.”
Edward Northam, head of GIG in Europe, said the company was “delighted” to have entered into a partnership arrangement with Covanta. He said: “The projects developed under the partnership will extract energy from residual waste that would otherwise be lost to landfill, avoiding harmful methane emissions.
“Investing in Covanta’s landmark Dublin project is the first step in realising the potential of the partnership.”
Edward Northam
GIG
“We are also pleased to announce GIG’s first investment in the Republic of Ireland. 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.”
GIG
GIG, now consolidated as Macquarie’s primary vehicle for principal investments in green projects in the UK and Europe (see letsrecycle.com story), is an active investor in the UK waste and bioenergy market.
It has invested more than £1 billion in facilities ranging from small-scale anaerobic digestion plants to large-scale waste-to-energy plants that are expected to divert hundreds of thousands of tonnes of residual waste from landfill every year, the company reports.
The Dublin investment is expected to complete in the first quarter of 2018, subject to approvals.
The post GIG and Covanta to partner on energy projects appeared first on letsrecycle.com.
Source: letsrecycle.com Waste Managment
