Patrizia buys stake in ‘circular’ Italian waste processing firm

Patrizia has expanded its pan-European circular economy platform with an investment in an Italian integrated waste management company, Greenthesis, in a move which the Augsburg-headquarted company states will continue its programme of investing in activities driving the global energy transition.

Patrizia aims to acquire a 40% equity stake in Greenthesis which will value Greenthesis at approximately €340 million.

Greenthesis which provides “a circular economy solution” for the treatment of waste across the value chain, has expertise in both urban and special waste sectors, focusing on value-add activities such as remediation, treatment and disposal.

The company owns and operates 20 industrial sites, mainly in northern and central Italy, which are used for waste management, energy from waste, environmental remediation and landfill management activities and can process more than 1 million tonnes of industrial and urban waste per year.

It currently has €350 million of remediation projects lined up over the next 10 years, as well as a €140 million capex pipeline for the next three years, aimed at plant improvements, innovative treatments and green energy.

Matteo Andreoletti, Head of Infrastructure Equity for Europe and North America at PATRIZIA, said Greenthesis is Italy’s leading independent waste management player and “a highly complementary partner for PATRIZIA’s growing energy-from-waste platform”.

“With our future communities and societies shaped by the drive to low carbon economies, innovative green energy solutions that support the global energy transition will provide attractive investment opportunities that deliver sustainable long-term returns for investors.”

Patrizia also holds a majority stake in Biomet, Europe’s largest plant producing bio-LNG from biomethane coming from bio-waste and its portfolio includes Saren Energy, which operates three energy-from-waste facilities in the Nordics capable of processing 180,000 tonnes of waste per year.