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Dublin Poolbeg waste incinerator records €22m profit

The facility opened in 2017 and has planning permission to handle 600,000 tonnes of waste a year

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Poolbeg lighthouse path and power plant in Dublin port

Poolbeg lighthouse path and power plant in Dublin port

Poolbeg lighthouse path and power plant in Dublin port

Dublin’s waste-to-energy plant at Poolbeg posted a €21.9m profit last year, a slight decline on 2019’s figure, as turnover dipped 1pc to €96.6m.

The facility incinerates waste from the four local authorities in the capital. It operates as a public private partnership between Dublin City Council, acting on behalf of the authorities, and US firm Covanta.

Australia’s Macquarie investment bank also owns a 50pc stake in the facility.

The latest set of accounts for the waste facility also show that it paid a €19.6m dividend last year, compared with €19.7m in 2019.

“The company traded strongly during the year, operating at the capacity permitted for waste incineration with resulting electricity production in line with expectations,” noted the directors of the company in the accounts. “Turnover and resulting profits are consistent with the company’s internal forecasts.”

The facility, which commenced operations in 2017, has planning permission to handle 600,000 tonnes of waste a year.

The plant’s turnover is split between revenue from handling waste and selling electricity to the market via Eirgrid, the semi-State company that operates the national grid.

It exported 446.6 megawatt hours of electricity last year, which was 3pc lower than in 2019. It can generate up to 58MW of power at the facility.

Macquarie’s Green Investment Group unit paid €136m in cash for its holding in 2017, with Covanta recording a $204m gain on the stake sale in 2018.

Every year, Covanta’s more than 40 facilities around the world process approximately 19 million metric tonnes of waste from municipalities and businesses and convert it into renewable electricity to power over one million homes.

Last October, Covanta launched a strategic review of its business in an effort to unlock value for shareholders.

In July this year, Sweden’s EQT Infrastructure announced that it had reached an agreement to acquire Covanta for $5.3bn (€4.4bn).

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EQT has more than €67bn of assets under management across 26 active funds. Those funds have portfolio companies in Europe, Asia-Pacific and the Americas with total annual sales of about €29bn and 175,000 employees.



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