Macquarie Asset Management’s Green Investment Group (GIG) and Fortum have invested in an energy-from-waste project in Scotland.
GIG and energy company Fortum said they have made an undisclosed initial funding commitment to deliver the 45MWe South Clyde energy-from-waste plant in Glasgow.
GIG and Fortum are 50/50 shareholders in the project.
The plant is expected to play an important role in helping deliver the Scottish government’s ban on household waste entering landfill by the end of 2025.
The plant also has the potential to be retrofitted with carbon capture and storage (CCS) technology in the future, aligning it with the requirements of the Scottish government’s climate change plan, the companies said.
Chris Archer, co-head of GIG Europe said: “Scotland’s landfill ban is a central pillar of its strategy to deliver a circular economy. GIG is committed to helping deliver the ban by providing the infrastructure required to treat residual, non-recyclable waste domestically.
“Heat offtake enabled and with CCS retrofit potential, the South Clyde Energy-from-Waste plant expects to play an important role in tackling Glasgow’s, and Scotland’s, waste challenge.”
Kalle Saarimaa, vice-president of Fortum recycling and waste, said: “Building on our existing presence in the UK market and existing infra services, this is an excellent opportunity for Fortum to leverage its competence and enter UK’s energy-from-waste market.
”The market is in an interesting development phase and will over time offer potential for further investments in the energy-from-waste market. The wider entry to the UK also enables us to look into the market potential for our other strategic growth areas, such as recycling of batteries and energy-from-waste ash recycling.”
In April 2019, Fortum Glasgow, a joint venture between Fortum Oyj and Verus Energy, purchased the South Clyde Energy Centre from Peel Environmental for an undisclosed sum.
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