DIF acquires stake in Dublin Waste to Energy PPP project
The Netherlands-headed Dutch Infrastructure Fund (DIF) through its most recent fund DIF Infrastructure V, has announced that it has closed the acquisition of a stake in the Dublin Waste to Energy PPP project, the Poolbeg Energy-from-Waste (EfW) plant, an operational waste-to-energy facility supported by a 45-year contract with Dublin City Council. DIF Infrastructure V acquired the stake from Macquarie’s Green Investment Group Ltd (GIG), which remains a shareholder in the project.
DIF is an independent infrastructure fund manager, with EUR 5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America, and Australasia.
The DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets, and renewable energy projects with long-term contracted or regulated income streams that generate stable and predictable cash flows.
Located in Poolbeg, Dublin Port, the Poolbeg Energy-from-Waste (EfW) facility processes 600 000 tonnes of residual waste annually and generates electricity which is exported to Ireland’s national grid. It has been designed to provide highly efficient incineration and is classified as energy recovery in line with EU policy on waste.
The Poolbeg EfW facility is part of a wider Dublin regional waste management plan, which is aimed at reducing waste, maximizing recycling, and generating energy from waste and benefits from the Irish renewable energy feed-in tariff (FIT). The facility was constructed by Covanta who is also its long-term operator.
DIF is pleased to invest in the Dublin Waste to Energy Project, a well-managed and high-quality asset, which is expected to provide a stable return to our investors. As a result of the investment, DIF further expands its footprint in the waste-to-energy sector, following the investment in Avertas Energy, an Australian waste-to-energy facility, alongside Macquarie in 2018. DIF is delighted to invest again in Ireland, partnering with GIG and Covanta, who are both very active and reputable investors in the waste sector, commented Gijs Voskuyl, Partner at DIF
DIF was advised by Ashurst (Legal), PwC (Financial), Arup (Technical), SLR (Market), and Grant Thornton (Tax).