Providing client confidence in energy acquisition

Advising First Sentier Investors on its acquisition of SSE plc’s holdings in United Kingdom energy-from-waste assets.

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Sector Energy
Sub-sector Renewables
Location United Kingdom


SSE plc is one of the largest electricity network companies in the United Kingdom and a leading generator of renewable electricity across Great Britain and Ireland.

In October 2020, it announced an agreement to sell its full 50 per cent holding in United Kingdom energy-from-waste assets Multifuel Energy Limited and Multifuel Energy 2 Limited, to First Sentier Investor for £995 million.

Both Multifuel Energy Limited and Multifuel Energy 2 Limited are based in West Yorkshire, England, and comprise of multiple facilities that convert residual residential, commercial, and industrial waste into renewable baseload energy.


Macquarie Capital acted as the joint financial adviser to First Sentier Investors on the M&A execution, and joint debt adviser on the financing used to support the acquisition.

We conducted work on the opportunity early, completing significant due diligence on the assets prior to the formal sale process, maintaining competitive dialogue with the vendor through the COVID-19 lockdown. 


Our guidance gave our client and advisers the confidence to pre-empt the formal sale and sign the transaction ahead of non-binding offers.

Leveraged our track record

in the United Kingdom energy-for-waste sector to best support FSI on the transaction

Fully underwritten financing

and arrangement of deal-contingent FX hedging

1.8m tonnes of waste processed annually

across Ferrybridge sites and Skelton Grange once commissioned

Installed capacity of 75MW each

at both Ferrybridge Multifuel 1 and 2

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