Linklaters is advising Encyclis, an EQT portfolio company, on the sale of its 50% ownership stake in Dublin Waste to Energy Limited to the Universities Superannuation Scheme, and is advising the facility on a parallel €558 million refinancing.
Dublin Waste to Energy is the largest waste-to-energy facility in the Republic of Ireland. The plant converts up to 690,000 tonnes of residual waste into 61.5 MW of baseload electricity annually, recovering resources for reuse and serving as a heat source for Dublin’s new district heating network.
The transactions provide a strong financial underpinning for the continuing success of Dublin Waste to Energy and will support a series of mechanical and electrical enhancements that will see the throughput of the plant increase by up to 90,000 tonnes per year.
The refinancing supported Dublin Waste to Energy Limited’s existing indebtedness under a public private partnership with Dublin City Council (acting on behalf of four Dublin area local authorities).
The sale is expected to close in summer 2026 following necessary approvals.
The M&A/Financial Sponsor team advising on the sale was led by partners Ben Rodham, Ben Suen and included managing associate John Dai and associate Nour Jishi.
The Energy and Infrastructure team advising on the refinancing was led by partners Richard Ginks and Subir Rajadhyaksha and included managing associate Madeline Armitage and associates Aisling O’Kane and Hero Cook.
These mandates reflect Linklaters’ ability to bring together its M&A and Energy and Infrastructure practices to deliver fully integrated advice across complex, multi-faceted transactions, ensuring seamless counsel to both Encyclis and Dublin Waste to Energy Limited across both deals.
