Veolia $1.3 Billion Deal Shows French Company Unfazed by Brexit

Updated on
  • Waste-to-energy contract caps series of recent U.K. deals
  • Project near London will generate 33.5 megawatts a year

Veolia Environnement SA, Europe’s biggest water company, won a 1-billion-pound ($1.3 billion) contract to provide waste-to-energy services over 30 years to Hertfordshire in southern England.

The project will generate as much as 33.5 megawatts of electricity from 350,000 metric tons of waste that can’t otherwise by reused, recycled or composted each year, the Paris-based company said Tuesday in a statement.

“This represents a significant investment by Veolia in Hertfordshire and more widely in the United Kingdom,” Veolia said.

The contract is another sign that Veolia is undeterred by the U.K.’s decision to leave the European Union. It follows a 338-million pound waste-management contract with the London Borough of Camden announced on Aug. 30, three smaller agreements with Westminster City Council in the capital, and the purchase of plastic-bottle recycling facilities in East London announced in July.

Veolia shares were little changed at 20.36 euros at 9:53 a.m. in Paris.