Linklaters and Ashurst clean up on £1.5bn riverside energy deal
Firms advise on acquisition of London waste company Cory Riverside Energy by consortium of infrastructure funds
June 07, 2018 at 08:21 AM
2 minute read
Linklaters and Ashurst have picked up lead roles on the £1.5bn acquisition of London waste company Cory Riverside Energy by a consortium of infrastructure funds.
Linklaters advised Cory and sellers led by Strategic Value Partners on the deal, which includes a power plant fuelled by a giant incinerator on the River Thames, with Ashurst acting for the acquirers.
Linklaters private equity partner Ben Rodham took the lead at the magic circle firm, assisted by managing associates Andrew Lynch and Alex Graetsch.
Bidding for the sale started on Monday (4 June) this week, with the deal signing late on Tuesday after a competitive tender process.
Ashurst represented the consortium of investors buying Cory. These include independent fund manager Dalmore Capital and European asset manager Swiss Life Asset Managers.
The Anglo-Australian firm's team was led by private equity partner Nick Rainsford and infrastructure partner Jason Radford, with support from corporate senior associate Gaby Jones.
Majority owner SVPGlobal first invested in Cory in 2014 and led the company's financial restructuring in 2015, with the support of EQT Credit and other shareholders. The Thameside site is the UK's largest energy-from-waste plant, with Cory processing about 750,000 tonnes of the capital's non-recyclable waste, generating enough energy to power the equivalent of 160,000 homes.
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