The company secured this amount from a series of investments, including a $110 million equity placement led by Ares Management L.L.C. of Los Angeles, California and a $135 million equity investment acquired in 2005 from a global consortium of investors.
The consortium includes Black River Asset Management in Minnesota, RAB Capital in London, Hera Holdings in Barcelona, Killick Capital of St. John in Newfoundland, Canada and Labrador and Rose Corporation in Ontario.
Plasco Energy also obtained a $9.6 million grant from the Sustainable Development Technology Canada, a $4 million loan from Ontario’s ministry of research and innovation and a 10 million loan from the Export Development Canada.
“The capital raised to date is a remarkable expression of confidence in the depth of the market, the competitive strength of the technology and the abilities of Plasco management and staff,” said Rod Bryden, chairman and chief executive of Plasco.
The company is involved in developing waste-to-energy facilities in North America, Europe and China. Plasco owns and operates a plant with a capacity to process 100 tons of waste daily in Ottawa, Canada, and will develop another facility with a capacity to process 300 metric tons per day in Red Deer for the Central Waste Management Commission.
Plasco also owns a research and development facility in Castellgali, Spain under a joint venture with Hear Holdings.
«The conversion of municipal solid waste into electricity, clean water and clean aggregate allows the company to address two very important markets: managing waste as well as producing clean energy,” said Jeff Serota, senior partner at Ares Management.
The Los Angeles-based private equity investment firm has about $37 billion of capital commitment under its supervision.
