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UK incinerator sold to infrastructure investors in £1.5B private equity deal

Cory Riverside (Holdings) Ltd's Cory Riverside Energy said a consortium of funds including Dalmore Capital (Issuer 1) Ltd. agreed to buy 100% of the UK energy-from-waste company from Strategic Value Partners LLC and its affiliates, EQT Credit and Commerzbank.

The incinerator on the River Thames in London was sold for over £1.5 billion to the consortium, according to the Financial Times, citing people familiar with the transaction. The consortium also includes Fiera Infrastructure, Semperian PPP Investment Partners and Swiss Life Asset Managers.

Cory Riverside underwent major financial restructuring in 2015 led by its majority owner, SVPGlobal, which first invested in the company in 2014. The incinerator sold its noncore businesses in waste collection and landfill and gas to refocus on its energy recovery facility. The company processes about 750,000 tonnes of London's nonrecyclable waste and generates 528 gigawatt-hours of renewable energy, powering the equivalent of 160,000 homes.

J.P. Morgan and Credit Suisse were the advisers on the sale, while Linklaters served as legal adviser. Macquarie and Rothschild were the financial advisers to the consortium, and Ashurst was the legal adviser.