6 June 2018 by Will Date

Cory sold to consortium of investors

Cory Riverside Energy, operator of the large energy from waste plant at Belvedere on the south bank of the Thames, has been sold to a consortium of investors, it was announced yesterday (6 June).

A consortium comprising Dalmore Capital, Fiera Infrastructure, Semperian PPP Investment Partners and Swiss Life Asset Managers has agreed to acquire 100% of Cory Riverside Energy from Strategic Value Partners and its affiliates (“SVPGlobal”), EQT Credit, Commerzbank, and other shareholders.

Cory’s Riverside resource recovery facility

The majority owner SVPGlobal first invested in Cory in 2014 and led the company’s financial restructuring in 2015, with the support of EQT Credit and other shareholders.

As part of the transformation, Cory sold its non-core businesses in waste collection and landfill & gas to refocus on its core energy recovery facility.

Cory’s Belvedere plant, which was opened in 2012, is one of the largest energy from waste plants in the UK, with the capacity to treat up to 750,000 tonnes of residual waste per year.

The ERF is fed by a river-based infrastructure along the River Thames, which uses tug boats and barges for delivering residual waste to the plant.

Cory currently works directly with seven London boroughs including Hammersmith and Fulham, Kensington and Chelsea, Lambeth, Wandsworth, City of London, Tower Hamlets and Bexley. The company also holds a number of commercial and industrial contracts.


The company has also unveiled plans to develop a second site at Belvedere alongside the existing facility comprising a range of technologies including waste energy recovery, anaerobic digestion, solar panels, and battery storage (see letsrecycle.com story).

Commenting on the deal, Victor Khosla, founder and chief investment officer of SVPGlobal, said: “When SVPGlobal first invested in Cory, we saw the opportunity strategically to reposition and operationally transform a company with a strong heritage and substantial untapped potential. It has been a pleasure working with management to grow Cory and secure the company’s position as a core part of London’s infrastructure. We wish everyone at Cory all the best for the future.”

Alistair Ray, chief investment officer of Dalmore Capital and on behalf of the Consortium, commented: “Cory Riverside Energy represents a unique opportunity to invest in a critical part of London’s waste infrastructure and we are very pleased with the outcome of the transaction. As a long-term infrastructure investor Dalmore Capital and the Consortium see the value of the business and look forward to continuing to invest in the business and growth of Cory Riverside Energy operations”.

Nicholas Pollard, chief executive of Cory Riverside Energy, said: “Over recent years Cory has been successfully re-focused, winning and extending customer contracts which position us well for the future. Today’s announcement is another important milestone in the long history of Cory and we look forward to working closely with our new shareholders to build out the exciting growth opportunities that lie ahead serving London through our proposed Riverside Energy Park and data centre developments.”

J.P. Morgan and Credit Suisse advised on the sale of Cory, while Linklaters served as legal advisor.  Macquarie and Rothschild acted as financial advisors to the Consortium, and Ashurst served as legal advisor.



With incinerating a losing market compared to other technologies in waste that cost less to build (around 30% of an incineration project) and do not need gate fees (Zero Fate Fees) for treatment and so not need subsidies (Zero subsidies) for the sale of fuels and energies and which can deliver a return on investment of 5 years and less this seems to be a lost opportunity.

Perhaps London Waste practices should take note that outside there are many opportunities to deliver waste treatment options which are far better than that which they (and Others) have been using.

The Waste Industry is so far behind the times in realising that there are far better ways of treating waste than this Cory (and other) incineration projects.

The losers – as always – are the Council Tax and Tax Payers here.

Wake up everyone including the Boroughs in London

Posted by David Hamilton on June 8, 2018

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