London Draws $667 Million Trash-to-Power Investment From Cory

(Bloomberg) -- Cory Riverside Energy Finance Ltd., a London-based recycling and waste-to-power company, announced a plan to build a new clean energy park in southeast London.

The project is expected to generate 96 megawatts of electricity and 30 megawatts of heat from solar photovoltaic panels, battery storage, anaerobic digestion and waste to energy, according to an emailed statement. It is likely to cost about 500 million pounds ($667 million) to develop.

“By employing a range of technologies which are proven at scale, we can expand our ability to generate clean, low carbon renewable energy for London and treat more of London’s waste within the city’s boundaries,” said Chief Executive Officer Nicholas Pollard.

Renewable heat is an area that has received significantly less attention and investment than clean electricity. The U.K. has a target to generate 12 percent from clean sources by 2020, which has been highlighted as an area of concern for policymakers. The heat from this plant will be used in nearby businesses and homes.

Combining Cory Riverside’s existing waste to energy plant on the south bank of the Thames and this new project, which will be on the same site, the company will supply power to almost 10 percent of London homes. It will also divert about 650,000 tons of trash from landfills per year.

The ash that’s left over from burning waste will be used as an ingredient in building materials, the company said. Construction is expected to begin in 2021 and the park is planned to begin operating in 2024. The company said it isn’t ready to discuss financing for the projects.

To contact the reporter on this story: Anna Hirtenstein in London at ahirtenstein@bloomberg.net.

To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net, Jonathan Tirone

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