We have invested in new waste facilities across the UK, from small scale anaerobic digestion plants, processing food and garden waste, to large scale waste to energy plants, diverting large amounts of household waste from landfill and generating renewable energy.
The UK has, over the past ten years, seen a transformation in its management of household waste. This has been most marked within local authorities as they make the transition from landfill to recycling / composting and energy recovery.
To date, the main focus of investors has been with local authority PPP / PFI waste projects. The majority of the required investment in this area is now largely behind us, although there are some important projects still outstanding. We have supported the tail end of this pipeline including projects in Wakefield, West London and Merseyside.
We are now seeing the waste market move towards what we would term ‘merchant’ projects. These are projects which utilise private, specialist fuel supply such as refuse derived fuel, commercial and industrial waste and waste wood.
In addition, they tend to utilise new advanced conversion technologies and include specialist sub sectors like anaerobic digestion. We have backed a number of projects in these areas, both directly and through our funds, such as Evermore in Northern Ireland and Birmingham BioPower.
We have also supported the UK bioenergy sector through involvement in a number of biomass projects. This has included projects which involve conversion from coal to biomass like Drax and dedicated new build, often combined heat and power plants like Evermore. GIG will continue to consider both new build and conversion projects.
Waste and bioenergy contacts
Andrew is a Managing Director in the Waste and Bioenergy sector, with a focus on funding PPP/PFI and private projects with leading developers, as well as portfolio management of existing waste projects. Andrew has led the funding of 14 waste and bioenergy projects at GIG to date. Andrew was previously Head of Infrastructure at Bank of Ireland’s Global Project Finance unit for 12 years, building a loan portfolio of £3bn in UK, Europe and North America. Andrew has worked in government, defence, venture funds, and for the last 25 years in project finance as a funder.
Stephen is a Director in the Waste and Bioenergy
team. He has a background in waste management having worked in the waste industry for nearly 20 years. Much of
this time was spent working within the PFI sector, bidding, closing, building and running several PFI contracts. Prior to joining GIG Stephen worked for Balfour Beatty Investments as a Development Director involved in the origination, development and investment into both merchant and PFI backed waste and biomass energy projects.