A consortium comprising Fiera Infrastructure, Dalmore Capital, Semperian PPP Investment Partners and Swiss Life Asset Managers has agreed to acquire 100% of Cory Riverside Energy from Strategic Value Partners, Commerzbank, EQT and other shareholders.
Cory Riverside Energy is one of the UK’s leading resource management, recycling, and energy recovery companies. The company developed, owns and operates the largest operating Energy Recovery Facility in the United Kingdom, processing London’s waste into electricity, metals and construction aggregates. The facility generates c.525,000 MWh of electricity each year by processing circa 750,000 tonnes of household and commercial waste every year. Unique to the asset is that it uses the River Thames as a green highway, transporting waste to the facility utilizing a fleet of tugs and barges, removing around 100,000 truck movements a year off congested London roads.
The transaction is expected to complete in 2018. Macquarie and Rothschild acted as financial advisors and Ashurst acted as legal advisor to the consortium.
Alina Osorio, President of Fiera Infrastructure, said: “Cory Riverside Energy is a high-quality asset that will deliver stable and recurring cash flows to investors. This transaction bolsters our portfolio in the UK and is our first acquisition in the waste-to-energy market. This is a particularly exciting sector to invest in given its attractive long-term growth prospects and the broader trend towards the creation of a circular economy. We look forward to working with the consortium and Cory Riverside Energy to strengthen the business and ultimately deliver returns to our investors.”