First Sentier Investors Completes Acquisition of Wheelabrator Technologies U.K. From Macquarie Infrastructure Partners

February 5, 2021 | News Releases

LONDON, United Kingdom (February 5, 2021)

First Sentier Investors (“FSI”) managed infrastructure funds today announced that they had completed the purchase of WTI / EFW Holdings Ltd (“Wheelabrator U.K.”), which is indirectly owned by Macquarie Infrastructure Partners IV, a fund managed by Macquarie Infrastructure Partners (“MIP”). MIP operates within the Macquarie Infrastructure and Real Assets (“MIRA”) division of Macquarie Group. 

Wheelabrator U.K. is the largest pure play waste-to-energy business in the U.K. and is a developer, owner and operator of strategically located waste-to-energy facilities. Wheelabrator U.K. is an integral part of the U.K.’s environmental infrastructure, diverting waste from landfills and export to continental Europe to provide residents and businesses with local, sustainable disposal of non-recyclable solid waste and creating renewable energy. 

Wheelabrator U.K. has a platform of seven strategically located waste-to-energy facilities (three in the advanced stage of development), two of which, Ferrybridge 1 and Ferrybridge 2 are managed by the Multifuel Energy Limited joint venture between Wheelabrator U.K. and SSE Thermal. Following the successful completion of the acquisition of the SSE shareholding on the 7th January 2021, FSI intends to integrate the two companies to form a single combined company. The combined entity will further strengthen its standing as the largest pure play waste-to-energy operator in the U.K. FSI have also reaffirmed their commitment to the three advanced development projects now 100% under their ownership, Multifuel Energy Limited Skelton Grange in Yorkshire, Wheelabrator Kelvin in West Bromwich and Wheelabrator Kemsley North in Sittingbourne, with all three projects expected to reach financial close in 2021. 

Julia Watsford, Managing Director of Wheelabrator U.K., said, “We look forward to working with FSI to continue to provide essential waste treatment services to our customers and communities, and develop critical waste-to-energy infrastructure and support the green recovery in the U.K. We are excited to be working much more closely with the team at Multifuel Energy Limited to continue to ‘Make a Difference today to deliver a cleaner tomorrow’ – powering green communities and the circular economy. I would like to thank the entire team at Wheelabrator U.K. for their efforts throughout the sale process and during the last few months supporting the transition to our new shareholders.” 

Niall Mills, Managing Partner of Global Infrastructure at FSI, said, “We are delighted with the successful closing of the transaction. The acquisition of Wheelabrator U.K. is fully aligned with our strategy to invest in critical infrastructure assets with a strong focus on sustainability. We have 

been impressed with the Company’s successful track record in developing and operating a portfolio of best-in-class waste-to-energy plants across the U.K. As a long-term investor, we look forward to supporting management in growing the portfolio further, and are excited about the journey ahead”. 

Credit Suisse and J.P. Morgan served as financial advisors to Wheelabrator U.K. on the sale and Linklaters served as legal counsel. Jefferies and Macquarie Capital served as financial advisors to FSI and Latham & Watkins served as lead legal counsel. 

ENDS 

For more information about Wheelabrator Technologies U.K., please contact Philip Curds by calling +44 (0)7990 031729 or emailing pcurds@wtienergy.co.uk

Notes to editor

About Wheelabrator U.K.

Wheelabrator U.K. is the fourth largest waste to energy business in the U.K. and is an industry leader in the conversion of non-recyclable residential and business waste into partially renewable energy. Wheelabrator U.K. currently has a platform of seven (three under advanced development) strategically located facilities across the U.K. Today, Wheelabrator U.K. has an annual waste processing capacity of over 2.3 million tonnes, and a total combined electric generating capacity of 247MW (gross) — enough energy to power more than 500,000 U.K. homes. By 2026, the company will have an annual waste processing capacity over 3.5 million tonnes, and a total combined electric generating capacity of 380MW (gross) — enough to power more than 820,000 U.K. homes. The vision To develop, deliver and realise the potential of clean energy speaks to the company’s ongoing commitment to the development of clean and renewable energy solutions for its customers and local communities. For more on Wheelabrator U.K., please visit www.wtienergy.co.uk. 

About First Sentier Investors 

First Sentier Investors are stewards of over €130 billion in assets managed on behalf of a client base that extends across Asia, Australasia, Europe and North America. With more than twenty years’ experience in infrastructure investment, it is one of the longest established managers of infrastructure assets on behalf of institutional investors and currently manages approximately €10.0 billion of equity invested across assets in the utility, transport and energy infrastructure sectors in Europe, Australia and North America. The transaction represents an important cornerstone investment of FSI-managed European Diversified Infrastructure Fund III, a European domiciled, euro-denominated fund. FSI operates as a standalone business owned and overseen by the Mitsubishi UFJ Trust and Banking Corporation, a wholly-owned subsidiary of Mitsubishi UFJ Financial Group, Inc.

About Macquarie Infrastructure and Real Assets

MIRA is one of the world’s leading alternative asset managers. For more than 25 years, MIRA
has partnered with investors, governments and communities to manage, develop and enhance
assets relied on by more than 100 million people each day. At 30 September 2020, MIRA
managed approximately $US146 billion in assets that are essential to the sustainable
development of economies and communities, including; 147 portfolio businesses, approximately
500 real estate properties and 4.8 million hectares of farmland.

MIRA is a part of Macquarie Asset Management, the asset management arm of Macquarie Group,
a diversified financial group providing clients with asset management and finance, banking,
advisory and risk and capital solutions across debt, equity and commodities. Founded in 1969,
Macquarie employs 16,356 people in 31 markets. At 30 September 2020, Macquarie had assets
under management of $US398.4 billion. For further information, visit www.mirafunds.com.

None of the entities referred to in this press release is an authorised deposit-taking
institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The
obligations of these entities do not represent deposits or other liabilities of Macquarie
Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide
assurance in respect of the obligations of that entity.

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