Cory Riverside sale secures future plans

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Cory Riverside Energy from waste plant
A new consortium could provide the investment needed to expand Riverside Park
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SVPGlobal is set to sell Cory Riverside Energy four years after it first invested in the plant.

The sale will secure the ongoing development of Riverside Park, including a second energy recovery facility.

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Over the last four years, Cory has been the subject of a major financial restructure and benefited from a new board and management team. This is said to have transformed the energy from waste plant and its future prospects.

As part of this change programme, Cory sold off its waste collection and landfill and gas to focus on energy recovery. The result has been an increase in capacity of more than 10 per cent.

The business currently processes around 750,000 tonnes of the London’s non-recyclable waste and generates 528GWh of renewable energy, powering the equivalent of 160,000 homes.

The purchasing consortium comprises Dalmore Capital, Fiera Infrastructure, Semperian PPP Investment Partners and Swiss Life Asset Managers.

Commenting on the purchase, Alistair Ray, chief investment officer of Dalmore Capital, said: ‘Cory Riverside Energy represents a unique opportunity to invest in a critical part of London’s waste infrastructure and we are very pleased with the outcome of the transaction.

‘As a long-term infrastructure investor Dalmore Capital and the Consortium see the value of the business and look forward to continuing to invest in the business and growth of Cory Riverside Energy operations’.

Nicholas Pollard, chief executive of Cory Riverside Energy, said: ‘We look forward to working closely with our new shareholders to build out the exciting growth opportunities that lie ahead serving London through our proposed Riverside Energy Park and data centre developments.

Full details of the deal can be found here.

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