Attero is the leading operator in the Dutch waste treatment and recycling market. It owns two of the largest and most efficient energy-from-waste plants in Western Europe, anaerobic digestion plants for biomethane production, composting facilities, mineral recycling and depository locations, post-separation installations and plastic recycling capacity that recycles up to 25,000 tonnes of used plastic per year into high-quality granulates.

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Overview

Attero processes c.3.6 million tonnes of waste every year, producing c.900 gigawatt-hours of electricity powering c.363,000 households, c.25 million cubic metres of green gas, c.318,000 tonnes of compost and more than c.700,000 tonnes of other recycled materials.

3i Infrastructure acquired its interest in Attero in 2018, alongside co-investor DWS. In November 2023, Ardian Infrastructure purchased 100% of Attero from 3i Infrastructure and its co-investors (funds managed by DWS (c.50%), and other funds managed by 3i Investments plc (c.25%)), generating net proceeds of €215 million for 3i Infrastructure’s 25% stake, a 23% net IRR and 2.7x net money multiple.

How we added value

• Substantial growth since initial investment: EBITDA almost doubled since 2018
• Invested into a new 120MW turbine, capable of producing enough electricity in one hour to power a household for 25 years
• Invested in a new, market-leading plastics recycling plant that can recycle 25,000 tonnes of used plastic every year
• Invested in the renovation of composting sites to deliver c.20 million m3 of biogas and biomethane per year
• Supported Attero in installing and financing solar farms on closed landfill sites
• Supported Attero to diversify its sources of waste imports
• Advised Attero on its debt refinancing into long-term, investment grade, portable debt before the interest rate cycle turned

Regulatory information
This transaction involved a recommendation of 3i Investments plc.