25 January 2018
Cory Riverside Energy (“Cory”), a leading recycling, energy recovery and resource management company, has today announced a Joint Development Agreement (JDA) with Hitachi Zosen Inova (HZI) as it continues preparation for its proposed Riverside Energy Park.
HZI, which delivered Cory’s existing Riverside Energy Recovery Facility (ERF) in Belvedere, South East London, will act as the Engineering, Procurement and Construction (EPC) contractor for the project. This is a mutual commitment between Cory and HZI to work together in developing the scheme through to securing planning consent and environmental permits, before entering into a full EPC agreement with HZI to construct the facility and wrap the risks of construction and functionality on behalf of Cory.
Cory will remain the sole investor, owner and operator.
Construction is targeted to begin in 2021, subject to planning approval, and the energy park is expected to be fully operational by 2024. The new plant will complement the existing Riverside Energy Recovery Facility and comprise a range of integrated, low carbon technologies including waste energy recovery, anaerobic digestion, solar panels, and battery storage.
The new park will be capable of generating sufficient power and heat to supply the equivalent of 140,000 of London’s homes by processing c. 650,000 tonnes of residual waste which is currently sent to landfill each year.
It is also has the potential to create 100 new permanent jobs to operate and maintain either the power station or the additional fleet of tugs and barges which will be required to transport residual waste along the River Thames to the new facility.
Nicholas Pollard, Chief Executive of Cory Riverside Energy, said: “The experience of building the first energy from waste facility at Belvedere with HZI has been a resounding success. The power station has proven enormously successful at converting London’s “black bag” residual waste into London’s electricity: not only is it the UK’s largest energy from waste plant but it is also one of the most reliable. HZI’s engineering and construction capabilities, together with Cory’s expertise in river logistics and waste management, have stood the test and passed with flying colours.
“Shipping waste by barge and turning it to energy locally within London’s boundaries is in keeping with the Mayor’s London Plan. In this manner, we will save 200kg of carbon from every 1000 kg of waste treated, compared to landfill – a total saving of 120,000 tonnes per year.
“In selecting a technology partner for the second plant it was only natural that HZI and Cory would work together again, and develop an even better scheme to meet the waste disposal needs of London, its businesses, and its residents.”
Bruno-Frédéric Baudouin, Chief Executive Officer at Hitachi Zosen Inova, said: “We share Cory’s vision for a facility which is capable of transforming even more of London’s residual waste into reliable, baseload energy for London’s homes and businesses. The first collaboration between Cory and HZI to design and build Riverside Resource Recovery Facility was highly successful. We are really looking forward to working together with the Cory team again throughout this new project, to replicate the success of our previous collaboration.
“The two companies have already made a great start together and we look forward to handing the plant over into full service in 2024.”
For further information, please contact:
Andy Rivett-Carnac +44 (0)20 3805 4822
Henry Wallers firstname.lastname@example.org
About Cory Riverside Energy:
- Cory Riverside Energy is one of the UK’s leading resource management, recycling, and energy recovery companies. The company developed, owns and operates the largest operating Energy Recovery Facility in the United Kingdom, processing London’s waste into electricity, metals and construction aggregates.
- Cory was originally founded in London by William Cory and his sons, and has been navigating its fleet on the River Thames since 1896.
- The company is majority-owned by investment funds managed by Strategic Value Partners, with other investors including EQT Credit Opportunities Fund and Commerzbank.
- Cory’s Riverside Energy Recovery facility, at Belvedere, is fed by a unique river-based infrastructure along the River Thames, which uses tug boats and barges for delivering residual waste to the plant.
- Cory currently works directly with seven London Boroughs including Hammersmith and Fulham, Kensington and Chelsea, Lambeth, Wandsworth, City of London, Tower Hamlets and Bexley. The company also holds a number of significant commercial and industrial (C&I) contracts.
- Independent Analysis from Tolvik Consulting shows that there is approximately 2.50Mt of EfW capacity serving London and an estimated shortfall in treatment capacity for London’s residual waste of over 1.4m tonnes by 2035.
- 2017 was a record year for Cory Riverside Energy, whose Riverside Energy Recovery Facility has enjoyed an exceptionally productive and reliable operating performance, running at its full permitted capacity since its commissioning trials.
- 2017 highlights included:
- 516 GWh of baseload renewable electricity generated; the equivalent of 160,000 homes powered
- 758,000 tonnes of waste diverted from landfill
- 100,000 truck journeys removed from London’s road every year thanks to use of our infrastructure and lighterage fleet on the River Thames
- 230,000 tonnes of carbon saved by not sending waste to landfill;
- 180,000 tonnes of ash “upcycled” from the residual waste into construction aggregates
- 10,000 tonnes of Air Pollution Control Residue recycled to create concrete building blocks used for home building.
- The application for Riverside Energy Park will be a Nationally Significant Infrastructure Project (NSIP) seeking a Development Consent Order (DCO) under the Planning Act 2008. Cory will be undertaking planning consultation during 2018 in line with the DCO process.
For further information, please visit http://www.coryenergy.com/ or follow us on Twitter @CoryEnergy