Port Clarence Energy Limited (PCEL) is an advanced energy-from-waste plant located near Middlesborough, UK. APA, in conjunction with our investment partner and a Swiss asset manager, collectively own 65% of the equity in PCEL (with APA being the single largest stakeholder). Our mission is to oversee the transformation of the plant and facilitate its acquisition by a major investment fund. The plant (pictured) is currently undergoing a transformation from waste wood to municipal waste input, scheduled to complete by December 2025. Project management has been bolstered by industry-leading engineering, procurement, and construction (EPC) arrangements ensuring on-budget, on-time delivery. The plant, upon completion, will be acquired by Schroders Greencoat, and the conversion is being financed by a global investment bank. The combined transaction will lead to considerable equity value for APA upon completion and exit. The projected upside has been rigorously vetted and validated through extensive technical and financial modelling.