Green Investment Group (GIG) has entered a partnership arrangement with Covanta to jointly build, fund and own new waste-to-energy projects in the UK and Ireland.
As part of the deal, GIG has agreed to invest €136m to acquire a 50% stake in Covanta’s newly-operational waste-to-energy plant in Dublin, Ireland.
Located at Dublin Port, the facility is capable of processing at least 600,000t of residual waste every year.
As part of the collaboration, the two companies have identified up to six plants across the UK that can be included in the partnership. They will be able to treat nearly two million tonnes of residual waste each year.
Subject to approval, investment at the Dublin waste-to-energy facility is expected to be complete in Q1 2018.
GIG Europe head Edward Northam said: “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. 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.”
Being an owner and operator of waste-to-energy projects worldwide, Covanta has a total portfolio of 43 facilities.
The plants are capable of processing more than 18 million tonnes of waste while producing up to 1,499MW of renewable energy every year.
To date, GIG has invested more than £1bn in facilities ranging from small-scale anaerobic digestion plants to large-scale waste-to-energy projects.