Green Investment Group (GIG) and Covanta have now partnered to jointly develop, fund and own new waste-to-energy projects across the UK and Ireland.
As the first step in the partnership, GIG has agreed to invest €136m for a 50% stake in Covanta’s newly operational Dublin Waste-to-Energy facility.
The plant is located at Dublin Port and is claimed to have processing capacity of at least 600,000 tonnes of residual waste annually.
In the long run, Covanta and GIG are planning to invest in several other waste-to-energy plants.
The two companies have identified up to six projects in the UK which could be included in the partnership in the future. Once realised, these projects are expected to cumulatively process about 2 million tonnes of residual waste per annum.
GIG in Europe Head 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.
“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."
GIC’s Dublin investment is expected to be completed in next year’s first quarter, subject to regulatory approvals.
Covanta president and CEO Steve Jones 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.
“GIG and Covanta have highly complementary skills and resources, making this a powerful partnership to execute a robust combined pipeline of opportunities.”
Annually, Covanta’s energy-from-waste facilities convert nearly 20 million tonnes of waste from municipalities and businesses into renewable electricity to power one million homes.
Image: GIG to invest in waste-to-energy sector along with Covanta. Photo: Courtesy of Green Investment Group.