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Cleanaway advised on NSW waste-to-energy project
Ashurst has advised Cleanaway on the company’s joint venture for a waste-to-energy project, based in NSW.
Emma Musgrave
Firm: Ashurst (Cleanaway Operations Pty Ltd); Kain Lawyers (ResourceCo Holdings Pty Ltd)
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Deal: Cleanaway Operations Pty Ltd (Cleanaway) is embarking on a joint venture for a waste-to-energy project in NSW.
Value: Up to $50 million comprised, $25 million upfront plus up to a further $25 million subject to the satisfaction of revenue hurdles, according to an Ashurst statement.
Area: Energy and resources
Key players: The Ashurst legal team was led by corporate partner Anton Harris, with assistance from partners Kenneth Tang and Alyssa Phillips.
Deal significance: Cleanaway is a subsidiary of ASX-listed Cleanaway Waste Management Limited, while ResourceCo Holdings Pty Ltd is a subsidiary of ResourceCo Pty Ltd.
This transaction saw Ashurst act for Cleanaway on its 50 per cent investment in a JV entity established by ResourceCo to operate a waste to energy plant in Wetherill Park, which converts commercial and industrial waste into a process engineered fuel, the Ashurst statement explained.
“The facility is the only one of its kind on the East Coast of Australia and enables Cleanaway to increase waste internalisation rates and, importantly, to offer an advanced resource recovery solution to its customers,” the firm added.
