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  • Atterologo.png
    Attero
    Netherlands

    Utilities

    Attero

    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

    Since our acquisition, market supply and demand dynamics have been favourable and resulted in increasing gate fees. Power price forecasts have also increased, which may positively impact future revenues from the sale of electricity. The acquisition debt was refinanced during the year, achieving an investment grade structure and resulting in better terms than assumed in our investment case.

    Growth initiatives

    A new steam offtake pipeline and electricity turbine was commissioned, creating an environmentally friendly and renewable source of electricity. A new Polymer Recycling Plant (‘PRP’) started operations at the Wijster site. The PRP will enable Attero to recycle 24,000 tonnes of used plastic packaging into high quality regranulate each year.

    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
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