Renewi sells Cumbernauld AD facility
Created in 2017 by the merger of Shanks Group and Van Gansewinkel Groep, Renewi is a leading waste-to-product company that aims to become part of the solution to some of the main environmental problems that society faces today.
After selling its 50% share in the Energen Biogas anaerobic digestion facility in Cumbernauld, Renewi has left the UK organics sector. The facility has been sold to Bio Capital Limited (BCL), which has recently been established to own and operate a number of AD plants within the UK and Ireland. The sale means that Renewi’s planned exit from the UK AD sector has been successful.
Renewi had previously stated that they had planned on leaving the non-core sector in the UK in an attempt to focus the Municipal Division’s efforts and resources.
Managing director of Renewi’s Municipal Division, James Priestley stated: “I am pleased that we have completed our planned exit from the UK organics sector with the sale if our non-core EBG facility. The sale of EBG is fully aligned with our strategy, generates cash and profit, and allows us to focus on delivering profit growth within the Municipal Division.”
The facility was sold for an undisclosed cash consideration that will result in a £10 million (approximately €11 million) profit upon sale.