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Munich Re to acquire a stake in the Dublin wte plant


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27.09.2019 − 

Munich Re, the world's largest reinsurer, plans to purchase a stake the Dublin waste incineration plant in Poolbeg. The EU Commission approved the acquisition in a simplified control procedure on Wednesday. The investment by Munich Re does not raise any competition concerns, according to the Commission.

Among the other shareholders in the Dublin facility are the Green Investment Group from the UK and the US waste incineration plant operator Covanta. In April, the Dutch financial investor DIF Management also acquired a stake in the operating company of the €500m waste incineration plant in the Irish capital, which had been held as a 50:50 joint venture by Covanta and the Green Investment Group since early 2018.

The Dublin waste incineration plant has an annual treatment capacity of around 600,000 tonnes and has been in operation since June 2017. The plant processes waste generated in Dublin area under a public private partnership with the Dublin City Council. The project was originally developed by Covanta. The Green Investment Group (GIG), which has been part of the Australian Macquarie Group since 2017, reportedly paid around €136m in cash for its 50 per cent stake in the Poolbeg energy from waste (Efw) plant. The two companies are pursuing further waste incineration projects in the UK together.

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