Investment group USS acquires 50% ownership of Dublin Waste to Energy

A change to the ownership structure of Dublin Waste to Energy has been announced, with the Universities Superannuation Scheme (USS) acquiring Encyclis’ 50% stake in the landmark facility in Poolbeg.

The transaction provides a strong financial underpinning to secure the continuing success of Dublin Waste to Energy, which plays a vital role in safely processing up to 690,000 tonnes per year of residual waste from the city and surrounding areas, while generating 61.5MW baseload electricity, recovering resources for reuse and serving as a heat source for Dublin’s new district heat network.

The plant is set to benefit from a series of mechanical and electrical enhancements by the original equipment manufacturer, Kanadevia Inova, to boilers, combustion systems, cooling systems and ash handling systems, which will see the throughput of the facility increase by up to 90,000 tonnes per year.

USS, which has a strong track record of investment in infrastructure and energy assets, recognises the crucial role of Dublin Waste to Energy in Ireland’s waste management and baseload power generation. As a long-term investor in infrastructure USS says the acquisition represents a strong fit with its mandate and is committed to contributing to the plant’s continued success.

The sale is expected to complete in summer 2026 following the necessary approvals.

Employees, waste suppliers and partners have been assured of a smooth transition that prioritises safety and continuity.

Today’s announcement follows the recent transfer of operations and maintenance of the plant from Encyclis to Kanadevia Inova. The Switzerland-based green-tech leader has now taken over responsibility for operating and maintaining the facility.

Kanadevia Inova is one of the largest and most established players globally in waste-to-energy, renewable gas and related technologies, with operations in 17 countries employing over 3,500 people.  The company (under its previous name, Hitachi Zosen Inova) was the DWTE plant’s technology contractor for design, build and commissioning.

Kieran Mullins, DWTE Project Director said: “Today’s announcement marks the beginning of an exciting new era for Dublin Waste to Energy. With USS coming on board as part-owner and our operations and maintenance team now working as part of Kanadevia Inova, we know this important facility will continue to go from strength to strength.”

About USS

Universities Superannuation Scheme (USS) was established in 1974 as the principal pension scheme for universities and higher education institutions in the UK. We work with around 330 employers to help build a secure financial future for almost 577,000 members and their families. We are one of the largest pension schemes in the UK, with total assets of around £76.8bn (as at 31 March 2025).

The trustee of USS is Universities Superannuation Scheme Limited. It has overall responsibility for scheme management and administration, led by a non-executive board of directors and employs a team of pension professionals in Liverpool and London. The trustee is regulated by The Pensions Regulator and has a legal duty to ensure that benefits promised to members are paid in full on a timely basis.

The trustee delegates implementation of its investment strategy to a wholly-owned subsidiary – USS Investment Management Limited (USSIM) – which provides in-house investment management and advisory services to the trustee. USSIM manages around 70% of the investments in-house and appoints and oversees external investment managers to manage the rest. USSIM is authorised and regulated by the Financial Conduct Authority.

USSIM currently has approximately 240 employees based in London, including a dedicated private markets team comprising circa 80 employees with significant experience in investing and executing transactions and in active asset management. Its private markets program was established in 2007 and now manages around £26 billion in illiquid assets. USS is a long-term investor with a track record of investing in infrastructure and energy assets. We are a responsible investor, committed to contributing to supporting the energy transition.