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Equitix invests in Full Circle Generation, Northern Ireland’s largest energy from waste plant

Equitix has reached Financial Close alongside UK Green Investment Bank, developer RiverRidge Energy Limited, and P3P Partners for a new £107m Energy from Waste (EfW) plant in Belfast, Northern Ireland. The facility will be located adjacent to Bombardier’s wing facility in the city’s Harbour Estate.

The 14.85 MW plant, which will be fuelled by feedstock derived from household and commercial waste, is the largest EfW project to be financed in Northern Ireland. It will generate approximately 61 GWh of renewable electricity annually — enough to power more than 14,500 homes.

The design-build-operate contract has been awarded to Bouygues Energies and Services, which expects the plant to be fully operational by late 2017. The project, which qualifies for the Renewable Obligation scheme, is expected to create around 250 jobs during construction and 20 permanent positions in operations.

A long-term feedstock contract has been agreed with waste management company Pioneer Fuels and a Power Purchase Agreement (PPA) has been signed with Bombardier.

Jonathan Bell, Minister of Enterprise, Trade and Investment, the Northern Ireland Assembly, said: “This multi-million pound project is hugely significant, not just for Belfast, but for the Northern Ireland economy as a whole as it will create hundreds of jobs and protect many more. As well as creating 250 construction jobs and 20 full-time posts once the facility is operational, it will also provide a competitive energy source for Bombardier, which is our largest manufacturing employer.”

Nick Parker, Chief Operating Officer, Equitix, said: “This is Equitix’s first deal in Northern Ireland and we are delighted to be investing alongside the UK Green Investment Bank and P3P Partners. This project builds on Equitix’s portfolio of Energy from Waste deals delivering more sustainable long-term solutions to waste management and creating excellent opportunities for the local communities.”

About Equitix:

Equitix was established in 2007 and is based in London. Equitix is an integrated core infrastructure asset management and primary project platform and typically invests in UK infrastructure projects with long-term revenue streams across the healthcare, education, social housing, highways and street lighting, offshore transmissions and renewable and waste sectors. Tetragon (TFG) owns 85% of the business; over time, TFG’s holding is expected to decline to approximately 74.8%. Management own the balance. Equitix Investment Management Limited is authorised and regulated by the UK Financial Conduct Authority. 

This release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any state or jurisdiction.