CIP and joint venture partner SSE Thermal reach financial close on 49.9MW Energy-from-Waste Project, Slough Multifuel located in the Greater London area

Copenhagen Infrastructure Partners (CIP) has through its fund Copenhagen Infrastructure IV (CI IV) reached financial close on the 49.9 MW Energy-from-Waste project, Slough Multifuel together with joint venture partner SSE Thermal. The project is located within the Slough Trading Estate Greater London area in the United Kingdom.

CIP acquired a 50% stake in Slough Multifuel from SSE Thermal in April 2020 and the parties have co-developed the project throughout the remaining development phase.
Slough Multifuel has on 3 December issued notice to proceed to energy-from-waste specialist Hitachi Zosen Inova (HZI). Upon completion of the enabling works, construction will commence early 2021 and take up to four years with the project expected to reach commercial operations in 2024. Once complete, the plant will be operated by SSE Thermal. The total investment amount will be around £400m and equally split between SSE Thermal and CI IV.

Once fully commissioned, the EfW plant will provide a sustainable and environmentally friendly waste management solution for the Greater London area, by processing 480,000 tonnes of residual waste per annum – which will contribute to the UK government’s strategy to reduce landfill and export of waste. By utilising residual waste as a renewable energy source, Slough Multifuel will offset more than 147,000 tonnes of CO2 per year and power more than 100.000 homes. Further, the project will be bringing hundreds of local jobs to the area during construction as well as around 50 permanent jobs in the operations phase.

The Slough Multifuel project complements CIP’s long track record within UK thermal investments dating back to 2013. CIP’s thermal project delivery experience counts four operational biomass plants and one of Europe’s largest energy-from-waste plants currently ongoing construction situated in Lostock, near Northwich in Cheshire.

“CIP is very pleased to have reached this important project milestone in close collaboration and partnership with SSE Thermal. We are excited to take Slough Multifuel into the construction phase to deliver a state-of-the-art waste management facility providing a sustainable alternative to landfill converting thousands of tonnes of waste into energy. The past 9 months of project development have illustrated the strength of the joint venture between CIP and SSE Thermal. CIP looks forward to continuing this partnership creating value for society, the local community and our investors”, says Christina Grumstrup Sørensen, Senior Partner in CIP.

“We’re delighted to have reached this milestone in the Slough Multifuel project, alongside our partners in CIP, and we’re now looking forward to the construction phase beginning in the new year. When completed, Slough Multifuel will play a key role in the UK’s sustainable waste management, diverting thousands of tonnes of waste away from landfill, and instead converting it into a valuable source of energy”, says Stephen Wheeler, Managing Director of SSE Thermal.

For any further information, please contact:
Kelly Bork, Copenhagen Infrastructure Partners
phone: +45 70 70 51 51

About Copenhagen Infrastructure Partners

Copenhagen Infrastructure Partners is a Danish fund management company specialized in investing in the energy infrastructure sector. The company was established in 2012 and is today a global leader, market pioneer and the largest financial sponsor with a dedicated energy infrastructure focus. CIP has approximately 130 employees and offices in Copenhagen, New York, London, Hamburg, Utrecht and Tokyo. CIP has seven funds with around EUR 12 billion in commitment under management. The funds have made more than 20 investments in large scale energy infrastructure assets totaling almost 8 GW in capacity across the US, the UK, Germany, Spain, and Taiwan. In addition, more than 15 greenfield energy infrastructure projects are in process to reach final investment decision and start of construction within the next 2-3 years. Investors in the funds include several blue-chip institutional investors from the Nordics, Continental Europe, the UK, Israel, Taiwan, Korea, Australia, and multi-lateral organizations e.g. EIB. The investors in CIP’s funds comprise mainly pension and life companies and large family offices.

About SSE Thermal

SSE Thermal, part of the FTSE-listed SSE plc, develops, owns and operates industry-leading flexible generation, energy-from-waste and energy storage assets. The company previously completed the Ferrybridge Multifuel 1 and 2 energy-from-waste facilities in West Yorkshire, as part of a joint venture with Wheelabrator Technologies. SSE Thermal is currently constructing the 840MW Keadby 2 CCGT in North Lincolnshire, which is expected to become the cleanest and most efficient gas-fired power station in Europe when completed in 2022. As part of its commitment to a net-zero emissions future, the business has a core focus on decarbonising its energy generation through emerging carbon capture and hydrogen technology. As a real Living Wage and Fair Tax Mark accredited company, the SSE Group employs 12,000 people and last year contributed over £8bn to the UK and Ireland economies.