Cory Riverside Energy acquired by investment consortium
Resource management firm Cory Riverside Energy, which owns the UK’s largest energy-from-waste (EfW) plant on the banks of the River Thames, has been sold after a three-month auction process to a consortium of infrastructure investors.
The company was put up for auction in March this year by its majority-shareholder Strategic Value Partners (SVP), a global investment firm, after the conclusion of a £520-million debt-refinancing package that restructured the business, selling off its waste collection and landfill gas subsidiaries to focus exclusively on EfW.
The EfW plant in Belvedere, East London, receives waste by boat along the Thames and processes around 750,000 tonnes of waste per year, generating approximately 525,000 megawatt hours (MWh) of electricity to power what is described as ‘an equivalent of’ 160,0000 homes.
The news today (6 June) is that SVP has completed the sale of Cory to a consortium composed of four long-term infrastructure investors: Dalmore Capital, Fiera Infrastructure, Semperian PPP Investment Partners and Swiss Life Asset Managers.
The price of sale has not been revealed, but the company was previously hinted to sell for upwards of £1.5 billion. Speaking on behalf of the consortium was Alistair Ray, Chief Investment Officer at Dalmore Capital, who stated: “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”.
Commenting on the sale, Victor Khosla, founder and Chief Investment Officer of SVPGlobal (SVP and its affiliates), said: “When SVPGlobal first invested in Cory, we saw the opportunity strategically to reposition and operationally transform a company with a strong heritage and substantial untapped potential. It has been a pleasure working with management to grow Cory and secure the company’s position as a core part of London’s infrastructure. We wish everyone at Cory all the best for the future."