Foresight, JLEN acquire 90% share of Italian EfW
The companies have each acquired a 45% shareholding in ETA. The seller, Marcegaglia Investments, has retained a 10% stake.
Operational since 2012, ETA is a 16.8 MW energy-from-waste (EfW) power plant that processes refuse-derived fuel produced from household waste.
Located in the Apulia region of southern Italy, the plant processes 137,500 tonnes of waste annually, diverting it from landfill. The plant produces approximately 126,000 MWh of electricity per year – enough to power 35,500 homes.
Richard Morse, chairman of JLEN, said: “We are happy to announce JLEN’s investment into this EfW plant, which leverages the knowledge and experience gained in owning a number of bioenergy assets already.
“This is JLEN’s first investment in Italy and we look forward to co-owning this locally important asset alongside FEIP and the seller.
“We believe that assets such as these provide a vital outlet for non-recyclable waste that would otherwise be sent to landfill, and which can be used to generate baseload power to the grid. The plant has a strong operational track record and we look forward to working with the existing operations team as a new co-owner.”
“We are delighted to add our first EfW investment to the growing FEIP portfolio,” said Richard Thompson, partner at Foresight and co-manager of FEIP.
“This investment underlines our appetite for a diverse range of energy infrastructure projects that contribute to the transition to a low-carbon economy across Europe. As with all investments in the FEIP portfolio, ETA has been externally validated as compliant with the EU Taxonomy, acting as a further endorsement of the project’s contribution to the global sustainability agenda.”