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    Attero owns two energy from waste (‘EfW’) plants, two sorting and pre-treatment facilities, six anaerobic digestion facilities, seven composting facilities and 10 landfills. The company processes waste from a diverse mix of domestic municipalities, commercial and industrial customers, as well as a number  of UK and Irish exporters.

    Attero has good revenue visibility due to its long-term contracts with customers. It is well positioned within the Dutch market with two of the largest and most efficient EfW plants in the country, strategically positioned with good port, road and rail access for both import and domestic waste supply. In addition, Attero is strongly positioned to benefit from favourable underlying trends in the European waste market, driven by EU directives targeting more recycling.

    Developments in the year

    Over the year, the business has proven resilient to the pandemic and operationally it performed broadly in line with our pre-Covid expectations.

    Dutch waste volumes were in line with pre-Covid forecasts, and energy prices largely recovered to pre-Covid levels by the end of 2020. Although import volumes from the UK were weak, Attero covered this shortfall by drawing down from its waste buffer, allowing its plants to continue to operate at full capacity. A significant reduction in power prices affected the business’s financial performance in the first half of the year.

    The organics business outperformed due to an unseasonably warm spring and more home gardening during Covid-19 lockdowns, which resulted in higher than forecasted volumes.

    The landfill business also performed well, as higher gate fees offset lower volumes due to reduced construction activity.

    The Dutch plastics recycling subsidy regime was revised, which will improve the economics of the plastics business unit.

    Investment rationale

    • Attractive opportunity in a new sector for the Company,  with favourable long-term dynamics
    • Attero operates two of the largest and best located waste treatment facilities in Western Europe, resulting in high efficiency and a low marginal cost
    • The European Union requires member states to reduce landfill use, increasing the volume of waste requiring incineration
    • Good revenue visibility from long-term waste supply contracts with municipalities, industrial customers, and waste exporters


    Attero has developed a comprehensive sustainability strategy focused on maintaining a net neutral CO2 position each year, delivering a favourable biodiversity impact on the habitats surrounding Attero’s facilities beyond their permitting requirements and increasing the representation of women in the organisation.

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