Cleanaway Waste Management has secured A$90 million ($71 million; €60 million) of corporate loans from Clean Energy Finance Corporation, the country's green financier.
The Australian waste management company will use the funding to undertake a number of projects, one of which is a resource recovery centre at Erskine Park, in New South Wales. The facility will be capable of processing 150,000 tonnes of waste a year, diverting approximately 40 percent of waste volume from landfill.
Other potential projects include facilities for organics processing, resource recovery, as well as landfill gas projects.
Cleanaway operates a network of waste collection, processing, treatment and landfill assets from more than 180 locations across Australia. Early this month, it won a 10-year contract to provide waste management collection services in Central Coast, starting from February 2018. The Sydney-listed company also captures and converts gas from landfill sites to renewable energy to power more than 18,000 households currently.
CEFC is looking to reduce the amount of waste going to landfill, as well as generating renewable energy and avoiding carbon emissions through this financing, which also marks the first major transaction with a local waste management company.
“Australia currently generates around 48 million tonnes of waste a year, with as much as 44 percent of this ending up as landfill,” said Ian Learmonth, chief executive of CEFC.
Previous investments by CEFC in the waste and bioenergy sectors include A$30 million to resource recovery company ResourceCo, a A$100 million investment in the Australian Bioenergy Fund, managed by the UK's Foresight Group, and A$10 million for an expansion of bioenergy sites by Landfill Gas Industries.