Energy team advises Danske Commodities on Cory Group PPA

3 minute read
09 June 2022

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Our Energy team has advised Danish energy trading company Danske Commodities on its power purchase agreement (PPA) with Cory Group (Cory) for Riverside 1, one of the largest energy-from-waste (EfW) facilities in the UK.

The deal marks the first EfW PPA for Danske Commodities, which currently has 7 GW of power generation assets under management in Europe. Under the PPA, Danske Commodities will provide balancing, asset optimisation and route-to-market for the Riverside 1 plant, which is operated by Cory. Cory receives around 750,000 tonnes of non-recyclable black bag waste a year and by converting the waste to energy at an EfW plant, landfill is avoided and energy is recovered.

Danske Commodities will use its trading expertise to optimise and offtake the energy generated from London's waste. It has been active in the British power market since 2009 and has since provided energy market services to a wide range of energy generation assets including wind farms and combined heat and power plants (CHPs) – and now its first EfW plant.

Partner James Stanier advised Danske Commodities on the PPA.

Speaking about the deal, James said: "We were delighted to support our longstanding client Danske Commodities on this PPA, which comprised an exceptionally innovative approach to electricity balancing and asset optimisation. We look forward to continuing to work with the great team at Danske Commodities as its portfolio grows and contributes to the UK's net zero target."

Wendi Ring, Danske Commodities' head of Legal & Market Access said: "As always it was a pleasure working together with James Stanier from Gowling WLG who contributed with both valuable legal advice and commercial understanding".

Gowling WLG's multi-disciplinary Energy team has a market-leading reputation, operating seamlessly around the globe. This latest deal follows several significant mandates for the firm's energy team, including recent advisory to Island Green Power and its founders on a new investment deal, HydrogenOne on its investment in Gen2, and to PIDG companies, such as GuarantCo, on a $40 million cross-border financing in support of sustainable infrastructure in Africa, Asia and the Middle East.

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