(28 November 2018) Equitix, a leading UK infrastructure investor, and Iona Capital, the specialist environmental investment and fund management firm, announce the acquisition of a £72 million Energy from Waste (“EfW”) facility in Bridgwater, Somerset.
The 7.75MW Resource Recovery facility will employ up to 25 full-time operational staff and process approximately 100,000 tonnes of commercial and municipal refuse derived fuel (“RDF”) per annum, which would otherwise have been destined for landfill. Construction will commence in Q1 2019 and the facility will begin commercial operation in 2021.
The project will be delivered under a turnkey design and build contract with STC Power SRL (“STC Power”), a specialist in the supply of small-scale thermal energy plants having delivered 20 facilities since 2001. Pinnacle Power Limited (“Pinnacle Power”) has been appointed as the Operations and Maintenance Contractor. Pinnacle Power is part of the Pinnacle Group and is a provider of construction and operations services for district heat and power projects in the UK. Waste will be supplied by Geminor UK Limited (“Geminor”), a leading exporter and supply of Refuse Derived Fuel (“RDF”), under a long-term waste supply contract.
Geoff Jackson, Chief Executive Officer of Equitix, said: “This new project marks the latest addition to our growing waste portfolio. This is a sector that we see huge opportunities in and are very excited to be working with our partners, Iona Capital, in developing this top-quality, high-impact facility.”
Nick Ross, director and co-founder of Iona Capital said: “We are very pleased to partner Equitix in the financing of the Bridgwater project which is the first of a number of planned investments in the EfW sector.”
Amberside Advisors acted as financial modelling advisors and WSP as technical advisors to the consortium.