After targeting waste-to-energy in September for its first investment since its purchase by the Macquarie Group this year, the Green Investment Group (GIG) now is entering a partnership to develop, fund and own new waste-to-energy projects in the U.K. and Ireland.
GIG this week said that it sealed a new partnership with Covanta Holding Corp. with a US$161 million investment in a 50 percent stake in Covanta’s new Dublin waste-to-energy facility. The project is expected to be operational early next year.
The green bank in September arranged a US$51.6 million debt facility for Wheelabrator Technologies’ stake in Ferrybridge Multifuel 2 (FM2) — a new, large-scale merchant waste-to-energy facility near Knottingley in West Yorkshire, U.K.
The partnership has identified six projects of interest in the U.K., according to GIG.
GIG said that it has invested more than US$1.3 billion in waste and bioenergy facilities, ranging from small-scale anaerobic digestion plants to large-scale waste-to-energy plants that are expected to divert hundreds of thousands of metric tons of residual waste from landfills every year.
