Jun 6, 2018

Giant incinerator on Thames sold for £1.5bn

A giant incinerator on the river Thames in London has been sold for more than £1.5bn. A group of investors, which includes UK-focused fund Dalmore Capital and Swiss Life Asset Managers - has agreed to buy Cory Riverside Energy from Strategic Value Partners and a number of other shareholders, according to a statement on Wednesday. The deal comes after a major financial investment in improving Cory, the statement said. Jonson Cox, chairman of the water utility watchdog Ofwat, could benefit from the £1.5bn sale as he also acts as chairman of Cory Riverside Energy - which is owned via a Channel Islands holding company. Ofwat added: "The Cory Group is a private commercial business operating in a competitive market; water companies on the other hand, are regulated monopolies providing a crucial public service. Water companies have the privilege of a guaranteed income stream and a guaranteed customer base and so it is entirely appropriate that they are held to a higher standard than ordinary companies." Cory is expected to post earnings before interest, tax, depreciation and amortisation of £79m next year, up from £67m in 2014.

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