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FCC sells stake in British wte business to financial investor

06.08.2020 − 

Spain’s FCC group will sell a 49 per cent stake in a fleet of five fully-owned waste to energy (wte) plants in the UK to the financial investor Icon Infrastructure Partners. The agreement is worth £198m, FCC announced last week. This is equivalent to around €220m. The transaction covers five plants which were pooled in the new subsidiary Green Recovery Projects Limited (GRP) set up for the purpose. The purchase price values the company as whole including debt at £650m, according to FCC. The conclusion of the transaction is still subject to regulatory approval.

"The inclusion of Icon in GRP will help FCC to enhance its leadership position in the waste recovery sector in the UK and the development of new treatment plants", said the group. It will retain control over GRP and its full consolidation via its subsidiary FCC Servicios Medio Ambiente Holding. Besides the 51 per cent stake in GRP, FCC's holdings in the British waste incineration sector consist of a 50 per cent stake in the EnviRecovery plant in Worcestershire and a 40 per cent in the Lostock wte facility in the Greater Manchester region. The five energy from waste plants owned by GRP are located in Kent, Nottinghamshire, Buckinghamshire, Lincolnshire and near Edinburgh.

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