• Atterologo



    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.

    Recent developments

    Attero performed strongly in the year, on the back of a higher electricity price outlook and good availability at its EfW plants. The Dutch electricity price cap applicable to the company is c.€190 per MWh, and this is expected to have a limited impact in the short term given the hedges already in place and current forward rates.

    Management is currently working on a number of major growth initiatives, including carbon capture for its two EfW plants, deployment of large solar farms on its closed landfill sites, and a material expansion of its existing anaerobic digestion business to capitalise on significant biomethane demand growth as the EU looks to materially reduce natural gas consumption.

    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 plays a key role in helping to deliver on European and Dutch circular economy, energy transition and energy independence objectives. Attero recovers recyclable materials from waste, and produces recycled plastic granulates for use in new products. It also produces biomethane from organic waste, and generates heat and electricity by incinerating non-recyclable residual waste that would otherwise go to landfill. Attero is planning to install carbon capture facilities on its two EfW plants, which would enable the business to become fossil carbon neutral.