London, 30 Sep 2020
Macquarie Infrastructure Debt Investment Solutions (“MIDIS”) has announced a £120 million long-term debt investment in a portfolio of energy from waste assets operated by Viridor.
Viridor operates 11 energy recovery facilities across the UK. The portfolio processes 3.1 million tonnes of non-recyclable waste each year and represents 337 MW of installed capacity. Viridor also has a pipeline of projects under development, including a plastics recycling facility due to enter operations later this year.
The long-term senior secured debt financing provided by MIDIS replaces shorter-term debt raised by Kohlberg Kravis Roberts & Co. L.P. managed funds for their £4.2 billion acquisition of Viridor from Pennon Group PLC in July 2020. MIDIS was one of the largest institutional lenders in the financing package, investing on behalf of pension fund and insurance clients from the UK, Europe, and Asia.
Eric Henschel, Senior Vice President, MIDIS, said: “Viridor is a welcome addition to the MIDIS portfolio and in line with our strategy of supporting the development of sustainable infrastructure businesses. With its advanced energy recovery facilities and commitment to the circular economy, Viridor is helping to power communities across the UK whilst reducing the amount of waste sent to landfill each year.”
MIDIS is helping to finance the UK’s transition to a low-carbon economy. Since its inception in 2012, MIDIS has provided more than £1.5 billion in debt financing to leading borrowers across the energy from waste, onshore wind, offshore wind, and solar PV sectors.
Macquarie Infrastructure Debt Investment Solutions (MIDIS) was established in 2012 and has quickly become one of the world’s largest infrastructure debt asset managers – raising more than £8.1 billion of commitments from some of the world’s most prominent institutional investors for its investment grade and sub-investment grade strategies.
MIDIS is part of Macquarie Asset Management (MAM) – the asset management arm of Macquarie Group. MAM is a top 50 global asset manager, providing investment solutions to clients across a range of capabilities, including infrastructure and renewables, real estate, agriculture, transportation finance, private credit, equities, fixed income and multi-asset solutions. As at 31 March 2020, MAM had more than £299 billion of assets under management.
Macquarie Group is a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie employs 15,849 people in 31 markets.