December 18 (Renewables Now) - Green Investment Group Ltd (GIG) will invest EUR 136 million (USD 161m) in a waste-to-energy facility in Dublin, Ireland as part of a partnership with US waste and energy specialist Covanta Holding Corp (NYSE:CVA).
GIG, the former UK Green Investment Bank, now part of Macquarie Group Ltd (ASX:MQG), said today it has agreed to partner with Covanta to develop, fund and own waste-to-energy projects in the UK and Ireland.
As the first step in the partnership, GIG will make a EUR-136-million investment in a 50% stake in Covanta's newly operational waste-to-energy plant at Dublin Port. The two have identified up to six projects across the UK that could be included in the partnership.
The Dublin plant can process at least 600,000 tonnes of residual waste per year. It produces enough electricity for some 80,000 homes and is capable of providing district heating for up to 50,000 homes. The identified potential projects are expected, once completed, to treat some 2 million tonnes of residual waste annually.
GIG has been an active investor in the UK waste and bioenergy sector. "GIG brings substantial in-market expertise, relationships and credibility, with a tremendous track record and capabilities for sourcing, developing, executing and managing large-scale renewable infrastructure projects," said Covanta president and chief executive Steve Jones.
(EUR 1 = USD 1.181)