FCC Group revealed today (26 February) that the sale of a 49% share in its UK energy from waste (EfW) portfolio to investment group Icon Infrastructure was worth £198 million.
The Spanish conglomerate agreed the sale last July (see letsrecycle.com story). It did not disclose the value of the deal at the time. It has now published the figure as part of its results for the 2020 financial year, released today.
Icon Infrastructure bought its share via a newly formed company, Green Recovery Projects (GRP) Ltd, which was created especially for the sale. FCC says FCC Servicios Medio Ambiente Holding, the holding company which own’s the Group’s environmental assets, maintains control of GRP.
The five EfW plants involved in the transaction were Allington in Kent, Eastcroft in Nottinghamshire, Greatmoor in Buckinghamshire, Millerhill in Edinburgh, and Lincoln in Lincolnshire.
The transaction was completed last November, FCC says.
For Icon Infrastructure, the deal meant it now had a stake in nine EfW plants in the UK. The company describes itself as “an independent investment firm that primarily seeks to invest in infrastructure firms, mainly in Europe and North America”.
FCC Group operates three divisions covering infrastructure, environmental services and water in 30 countries around the world. In the UK, the FCC Group runs waste management and recycling services and energy from waste (EfW) plants under the FCC Environment brand.
The company says 10.9% of its revenue came from the UK in 2020. Alongside its activities in the waste management sector, this figure also includes proceeds from the planned design and construction of a new hospital in Jersey and the planned construction and operation of the A465 motorway in Wales.
The Spanish-owned company says its gross operating profits stood at more than €1.047.5 million at the end of 2020, an increase of 2.1% from 2019. However, it says its 2020 net turnover stood at €6,158 million, down 1.9% versus 2019.