Cory reaches financial close on UK’s most efficient Energy from Waste facility
Cory has today announced the financial close for its second Energy from Waste (EfW) facility, Riverside 2. The facility, which is located adjacent to Cory’s existing EfW facility, Riverside 1, in Belvedere, South London, will play a vital role in addressing the current shortfall in waste processing capacity in London and the South East. It will also help to achieve the goals set out in the London Plan which aim for 100% of London’s waste to be processed within its boundaries by 2026.
Riverside 2 will be one of the UK’s largest EfW facilities and will divert around 650,000 tonnes of non-recyclable waste a year from landfill, converting it into enough low-carbon electricity to power up to 140,000 homes. Emissions reduction remains a priority for Cory, and Riverside 2 will have the lowest Nitrogen Oxide (NOx) levels of any UK EfW facility.
Once complete, the facility will provide c.140 new jobs across operations, river infrastructure and head office including apprenticeship opportunities.
The future growth of the business is underpinned by a commitment to sustainability and reducing environmental impacts on the local area. As part of this, Cory is progressing an industry-leading decarbonisation project, which will also be located at the Belvedere site and has the potential to deliver 1.4 million tonnes of CO2 savings per annum by 2030. The planned project includes Carbon Capture and Storage (CCS) technology as well as green hydrogen generation – both elements have recently been designated as Nationally Significant Infrastructure Projects by the Department for Business, Energy and Industrial strategy. One of the UK’s largest heat networks is also planned, to be delivered in partnership with Vattenfall.
Dougie Sutherland, CEO of Cory, said: “This is a huge milestone not only for Cory, but also for London and for the development of the UK’s low-carbon infrastructure. We are making a significant investment to ensure that we process non-recyclable waste to the highest standards at a site that is enabled for carbon capture and hydrogen production. This facility is being built to deliver a world-class service for the communities, businesses, and local authorities that really care about the environment.
“We are always looking for ways to mitigate our environmental impact. Riverside 2 will have the UK’s lowest NOx levels, will take refuse vehicles off our roads by transporting waste via the River Thames, and will be connected to one of the UK’s largest heat networks.”
Cory has further strengthened its relationship with Hitachi Zosen Inova (HZI) by awarding the company with the Engineering, Procurement and Construction contract for Riverside 2. The existing facility was also built by HZI, and Riverside 2 will utilise the same moving grate technology used at Riverside 1. Construction will begin in January 2023, with the facility due to be operational in 2026.