British waste-fuelled power plant Cory Riverside Energy has been sold to a consortium of UK infrastructure funds.
Financial details of the acquisition have not been released by the companies involved in the transaction. However, the deal could be more than £1.5bn ($2.01bn), according to media sources.
The energy-from-waste company was sold by Strategic Value Partners and its affiliates (SVPGlobal), EQT Credit, Commerzbank, and other shareholders to a consortium of Dalmore Capital, Fiera Infrastructure, Semperian PPP Investment Partners and Swiss Life Asset Managers.
SVPGlobal is one of the first investors and a majority stakeholder in Cory. The company played a key role in the company’s financial restructuring in 2015, with the support of EQT Credit and other shareholders.
By recruiting a new board and management team, Cory is intended to become one of the leading UK energy-from-waste companies.
As part of the transformation, Cory sold its non-core businesses in waste collection and landfill and gas to refocus on its core energy recovery facility.
SVPGlobal founder and chief investment officer Victor Khosla said: “When SVPGlobal first invested in Cory, we saw the opportunity strategically to reposition and operationally transform a company with a strong heritage and substantial untapped potential.
“It has been a pleasure working with management to grow Cory and secure the company’s position as a core part of London’s infrastructure. We wish everyone at Cory all the best for the future.”
Currently, Cory processes nearly 750,000t of non-recyclable waste and generates 528GWh of renewable energy, enough to power 160,000 homes.
Cory will now focus on the development of Riverside Energy Park, which has been identified as the second energy recovery facility that can address the waste treatment capacity gap in south-east England.