UNITED KINGDOM: Post-sale revival plans emerge for Hull gasification plant Energy Works
Future plans for the currently idle 24 MW Energy Works advanced gasification plant in Hull, East Yorkshire are beginning to emerge following its sale to locally based construction materials and waste management business Ashcourt Group.
The buyer is understood to have made the purchase from previous owner Evero via investment holding company Ashcourt Group Capital Ltd (AGCL), which will sit off-balance sheet.
Now the facility is under ownership of this vehicle, Ashcourt will bid to get the site recommissioned and back online during H1 2026, it is understood.
The new owner completed the acquisition in conjunction with boutique investment and advisory firm Hame Capital, and has also – via the project SPV – bought the freehold land at the Hull site from funds managed by Aviva Investors.
Ashcourt Group is also believed to intend to enter a long-term fuel supply agreement and provide project management services to AGCL, while also engaging px Group as O&M contractor.
Evero in 2024 ceased operations at Energy Works after legal issues and worse-than-forecast waste processing results in preceding years. The plant only dealt with just under 31,000 tonnes of feedstock in 2023 out of a total capacity of 240,000 tonnes.
The Infracapital-backed platform later in 2024 launched the sale of the asset.
*This story was originally published exclusively for NPM Europe subscribers.
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