Renewable energy and waste infrastructure developer Equis Development has raised 100 billion won (US$85 million) with Hana Financial Investment to construct four waste-to-energy (WTE) facilities in South Korea, which will be owned and operated by Vine Enviro.
Equis says it will retain a 10% stake in Vine Enviro, with a right to expand its interest to 55%. Vine Enviro will invest around 300 billion (US$225 million) in the four WTEs, which will process over 470,000 tonnes of waste a year, one of the largest WTE platforms in the country.
Construction is scheduled to start in the fourth quarter of 2020 and operations are expected to begin in 2022. The facilities will include industrial waste incineration, steam supply, sludge drying, electricity generation, and solid refuse fuel production. The projects will use best in class technology to sharply reduce emissions and provide a clean and sustainable waste processing capability.
Equis, as the project manager and co-owner, will manage the development, construction and operation of the assets held by Vine Enviro. It plans to further expand the platform with the goal of becoming South Korea’s leading focused WTE business.
The latest project followed the company's restructuring, which saw the sale of Equis Energy to Global Infrastructure Partners in January 2018. The business has restructured its entire asset and capital management model and has brought together partners and staff under a single corporate entity.
Equis is committing over US$2 billion into the renewable energy and waste related infrastructure sectors across Australia, Japan, South Korea and Taiwan over the next two years, the company says in a statement.
Vine Enviro is expected to generate over 200 new jobs, in addition to the employment opportunities provided by Equis's partnership with local technology suppliers and subcontractors.