Macquarie’s Green Investment Group (GIG) is partnering with Covanta Holding Corp to develop, fund and own new waste-to-energy projects in the UK and Ireland.
Initially, GIG, formerly known as the Green Investment Bank, will invest €136m to take a 50% stake in Covanta’s newly operational waste-to-energy facility at Dublin Port.
The investment in the project, which will process at least 600,000 tonnes of residual waste each year, is expected to complete in the first quarter of 2018, subject to approvals.
The partners have also identified up to six projects across the UK for potential inclusion in the partnership that are expected to treat approximately 2 million tonnes of residual waste a year.
GIG head in Europe Edward Northam said: “We are delighted to have entered into a partnership arrangement with Covanta, a world-leading owner and operator of waste-to-energy facilities.
“The projects developed under the partnership will extract energy from residual waste that would otherwise be lost to landfill, avoiding harmful methane emissions.”
Covanta president and chief executive Steve Jones said: “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.”
Image: Dublin waste-to-energy plant (Green Investment Group)
Macquarie signals bio charge
Green Investment Group and Covanta partner on projects in UK and Ireland
By EBS