Linklaters, Arthur Cox, and Matheson LLP advised on the sale and refinancing of Dublin Waste to Energy facility.

Encyclis, an EQT portfolio company, sold its 50% stake in Dublin Waste to Energy Limited to the Universities Superannuation Scheme and completed a parallel €558 million refinancing. Dublin Waste to Energy, the largest waste-to-energy facility in the Republic of Ireland, converts up to 690,000 tonnes of residual waste into 61.5 MW of baseload electricity annually, while recovering resources for reuse and serving as a heat source for Dublin’s new district heating network.

The transactions support a series of mechanical and electrical enhancements that will increase the plant’s throughput by up to 90,000 tonnes per year. The sale is expected to close in summer 2026, subject to regulatory approvals.

Linklaters advised Encyclis on the sale and refinancing.

The M&A/Financial Sponsor team was led by partners Ben Rodham and Ben Suen, with managing associate John Dai and associate Nour Jishi. The Energy and Infrastructure team was led by partners Richard Ginks and Subir Rajadhyaksha, with managing associate Madeline Armitage and associates Aisling O’Kane and Hero Cook.

Arthur Cox advised Dublin Waste to Energy on the sale of its 50% stake to the Universities Superannuation Scheme, as well as on the appointment of Kanadevia Inova as the new operator and the expansion of the plant’s capacity. The team was led by Aaron Boyle, Niamh McGovern (Energy and Infrastructure), and Connor Manning (Corporate and M&A).

Matheson advised Kanadevia Inova on the agreement to acquire the operator of the Dublin Waste to Energy Facility and its major upgrade.

The team was led by George Brady, Conor Blennerhassett, Jenny Keenan, Jessica Branigan, and Junaid O’Balogun, and also included Kate McKenna, Vahan Tchrakian, Chloe Power, Ruadhan Kenny, Heloise Lepoutre, Rachel Barry, Tarisai Chidawanyika, Rory Penny, Andrew Moloney, Zainab Masood, Lauren McBrien, Sophie Lawless, and Tom O’Donnell.