3rd Sep 2018 08:04
LONDON (Alliance News) - Renewi PLC said Monday that it has sold its 50% share in non core Energen Biogas anaerobic digestion facility located in Cumbernauld, Scotland, for an undisclosed sum.
The waste management has sold the stake in biogas facility to investment vehicle Bio Capital Ltd. The sale is expected to result in GBP10 million profit for Renewi, which will be reported an exceptional item in the current 2019 financial year.
The biogas facility contributed GBP1.6 million to Renewi's pretax profit for the year ended March 31.
"The sale of EBG is fully aligned with our strategy, generates cash and profit, and allows us to focus on delivering profit growth within the Municipal Division," said James Priestley, managing director of Renewi's municipal division.
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