Pennon Group Plc (PNN), a U.K. water provider, said its Viridor unit won a 25-year waste treatment services contract with Glasgow for the recycling and treatment of the Scottish city’s municipal waste.
A capital investment of about 160 million pounds ($248 million) will be required by Viridor, to be paid with internal funds, to build and operate a new recycling and renewable energy facility to treat residual waste in the south of the city, the company said today in a statement.
Pennon, whose shares have risen almost 10 percent over the past year, is based in Exeter. Colin Drummond, chief executive officer of Viridor, said the company will work with Glasgow to maximize heat-recovery opportunities at the local facilities.
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