In 2008, Cube and Constructions Industrielles de la Méditerranée (“CNIM”), a leader in the Energy-from-Waste (“EfW”) market in Europe, set up a joint venture, CNIM Development (“CNIM Dev”).
CNIM Dev invested in four EfW plants located in the UK that were incinerating waste to produce electricity and steam. The plants’ revenues were secured by long-term, inflation-linked waste contracts signed with local authorities and major waste providers. The electricity generated by the plants was sold to the UK grid pursuant to power purchase agreements with major UK energy suppliers.
Cube divested from CNIM Dev in 2018 to iCON Infrastructure.
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