Equitix Investment Management Ltd (Equitix), a leading UK infrastructure investor, and Iona Capital Ltd (Iona), the specialist environmental investment and fund management firm, have jointly announced the financing a new £72 million (≈ EUR 80.8 million) Energy-from-Waste (EfW) facility in Bridgwater, Somerset.
The 7.75MW Bridgwater 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.
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, Geoff Jackson, Chief Executive Officer of Equitix.
The project will be delivered under a turnkey design and build contract with the Italian specialist in the supply of small-scale thermal energy plants STC Power s.r.l.(STC Power) that has delivered 20 facilities since 2001. Pinnacle Power Ltd (Pinnacle Power) has been appointed as the Operations and Maintenance (O&M) 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.
The waste will be supplied by Geminor UK Ltd (Geminor), a leading exporter and supply of RDF, under a long-term waste supply contract.
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, said Nick Ross, Director, and co-founder of Iona Capital.
