Fortistar and several partners are planning to sell half of their shares in Primary Energy, a company that builds, owns and operates clean and efficient energy recycling projects, to U.K.–based SDCL Energy Efficiency Income Trust (SEEIT).
Primary Energy Recycling has a 298-megawatt portfolio of waste heat to power (WHP) and combined heat and power (CHP) plants. These are located at two steel mills in North America owned by ArcelorMittal and United States Steel Corporation.
According to Mark Comora, president of Fortistar, the company has the same green attributes as a 536-megawatt solar farm or a 374-megawatt wind farm and provide baseload energy around the clock.
“Using waste heat as fuel and co-generating power and steam are the cheapest and most reliable sources of sustainable and renewable energy,” noted Comora.
The transaction is expected to close in the first quarter of 2020. Fortistar will continue to manage the company.