Macquarie Asset Management’s Green Investment Group and Fortum partner on the South Clyde Energy-from-Waste Plant

Macquarie Asset Management’s Green Investment Group (GIG) and Fortum are 50/50 shareholders in the project, and have now made initial funding commitments to deliver the c.45MWe gross South Clyde Energy-From-Waste Plant in Glasgow, Scotland. GIG is a specialist green investor within Macquarie Asset Management (MAM), and a global leader in the development of companies, assets and technologies that aim to accelerate the global transition to net zero

AFRY, in co-operation with AFRY Solutions UK Ltd and AFRY Finland Oy, will act as an engineering, procurement and construction management consultant (EPCM) to the project, providing services from site supervision throughout the construction and start-up of the project.

By aiming to treat up to 350,000 tonnes of residual, non-recylable waste every year, the plant is expected to play an important role in helping deliver the Scottish Government’s ban on household waste entering landfill by the end of 2025. When compared to landfilling, the plant is expected to reduce greenhouse gas emissions by 67 kt CO₂e per annum, and utilising the latest technology, it will be heat offtake enabled. The plant also has the potential to be retrofitted with carbon capture and storage (CCS) technology in the future, aligning it with the requirements Scottish Government’s Climate Change Plan.

GIG has been helping to accelerate Scotland’s green transition for nearly a decade. GIG has supported more than 20 Scottish green projects since 2012 to power Scotland’s homes and businesses with renewable electricity, improve the country’s energy efficiency, and help to avoid Scottish waste from being sent to landfill.

“Scotland’s landfill ban is a central pillar of its strategy to deliver a circular economy. GIG is committed to helping deliver the ban by providing the infrastructure required to treat residual, non-recyclable waste domestically. Heat offtake enabled and with CCS retrofit potential, the South Clyde Energy-from-Waste plant expects to play an important role in tackling Glasgow’s, and Scotland’s, waste challenge.”

Chris Archer
Co-Head of GIG Europe

“Building on our existing presence in the UK market and existing infra services, this is an excellent opportunity for Fortum to leverage its competence and enter UK’s energy-from-waste market. The market is in an interesting development phase and will over time offer potential for further investments in the energy-from-waste. The wider entry to the UK also enables us to look into the market potential for our other strategic growth areas, such as recycling of batteries and EfW ash recycling."

Kalle Saarimaa
Vice President of Fortum Recycling and Waste