Cornwall Insight has acted as a commercial due diligence advisor to Equitix for its acquisition of further stake in the Viridor Group, the UK’s leading energy from waste operator. This transaction represents a strategically important investment in low-carbon, resilient infrastructure and the continued growth of the UK’s sustainable energy system.
Cornwall Insight concluded commercial due diligence to support Equitix’s investment decision, bringing clarity to a complex and fast-moving market landscape. Our work included:
- Long term wholesale price forecasts, drawing on both our established banked wholesale curves and bespoke scenarios
- Detailed revenue stack and gross margin projections covering wholesale revenues, renewable Obligation Certificates, REGOs, and capacity market revenues
- Benchmarking of private‑wire offtake contracts and opportunities
- Portfolio-wide assessment of carbon capture, usage and storage (CCUS) potential
- Independent review of the existing trading strategy and hedging approach
Throughout the transaction, Cornwall Insight worked closely with the Equitix team and the Bank of America (as financial advisors), providing independent analysis, robust commercial insight, bankable forecasts and a forward-looking perspective which looked at both the investment cases and the long-term value of the acquisition.
Alex Asher, Senior Consultant at Cornwall Insight, said:
“This acquisition reflects continued investor confidence in energy-from-waste as part of the UK’s low-carbon infrastructure mix. Viridor has established itself as a leader in converting residual waste into dependable, low-carbon energy, reducing reliance on landfills, and supporting the UK’s net zero ambitions, and we are proud to have supported this venture.
“Our role was to help Equitix look beyond current market conditions and focus on where the system is heading. By testing key assumptions and stress-testing the investment against a range of future market scenarios, we were able to give a clear view of how the market could evolve and help ensure the investment case is robust, both now and over the long term.”
