Green Investment Group (GIG), the organisation previously known as the Green Investment Bank, has formed a partnership with Covanta to build and own waste-to-energy projects in the UK and Ireland.

GIG is kicking off the new partnership by buying a 50% stake in Covanta’s Dublin waste-to-energy site for €136 million (£121m).

The partnership has identified up to six projects in the UK that could be suitable for investment.

Covanta already 43 facilities in its portfolio that together can process more than 18 million tonnes of waste a year and generate nearly 1.5GW of power.

Environmental benefits

Steve Jones, President and Chief Executive, Covanta, said: “GIG brings substantial in-market expertise, relationships and credibility, with a tremendous track record and capabilities for sourcing, developing, executing and managing large-scale renewable infrastructure projects.

“The creation of this partnership and investment by GIG into the Dublin project allows us to fully fund an expanded UK development pipeline and enables successful international development and growth on a consistent and repeatable basis.”

Edward Northam, Head of GIG in Europe, added: “The projects developed under the partnership will extract energy from residual waste that would otherwise be lost to landfill, avoiding harmful methane emissions.”

> Read GIG's announcement