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Cleanaway Waste Management Announces to Enter JV for NSW Waste to PEF Facility

12 Jul 2018  |  09:10:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Cleanaway to enter JV for NSW Waste to PEF Facility

Cleanaway Waste Management entered into a binding JV agreement with ResourceCo Holdings to acquire a 50% interest in ResourceCo's new Resource Recovery Facility located at Wetherill Park in western Sydney (Facility). Developed by ResourceCo over the past three years, the Facility is licensed to receive up to 250,000t p.a. of dry commercial and industrial waste. After extracting any further commodities suitable for recycling, the balance of non-recyclable waste is converted into a Process Engineered Fuel (PEF) that will be used as a substitute for fossil fuels in domestic and offshore cement kilns. The purchase price for the 50% interest comprises a $25m payment at completion plus an earn out of up to a further $25m payable in two installments over two years.

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