NFI Foksal fund wants to produce energy from waste

23-08-2007, 15:12

Warsaw (Puls Biznesu) – NFI Foksal wants to win EUR 1.55 billion market. It will get rid of waste and produce energy by the way.

Every Pole produces 250kg of wastes annually, or 10m tons jointly. Grzegorz Kubica, the CEO of NFI Foksal, the listed investment fund and Zeneris, a company the fund is currently merging with, want to produce energy from wastes.

Foksal will buy 51.05 percent in Energo-Eko which will build the installation.

“In upcoming years, the majority of cities will have to solve the waste problem. They already plan investments supported with EU funds. Our technology is cheaper than just burning, and in addition produces energy which will be easy to sell”, Grzegorz Kubica, NFI Foksal CEO said.

EUR 1.55 billion is secured to subsidize projects connected with wastes in Poland. Till 2013, Silesia region will spend EUR 300m, Warsaw EUR 155.12m, Krakow EUR 116.4m, Lodz EUR 115m, Poznan EUR 80m and Gdansk EUR 80m.

“We have big chances in the tenders because our technology is 30 percent cheaper than the one used in burning plants. We want to take part in at least one investment project annually. NFI Foksal merged with Zeneris will provide technology and financing while EnergoEko will build the installations”, Grzegorz Kubica said.

The energy produced during waste utilization will be sold. According to EU law, 7.5 percent of energy produced in Poland should come from renewable sources. In 2020, the level should grow to 14 percent.

“Today, the waste energy is not treated as renewable one but the Ministry of Economy wants to change it. A suitable regulation will be ready this year”, Grzegorz Kubica added.

In addition, the company will be able to sell rights to emit carbon dioxide.

“The projects implemented by Zeneris today will let reduce CO2 emission by 150,000 tons annually. Today, 1 ton costs EUR 16. We estimate that this business could generate PLN 6m (EUR 1.6m) of income annually”, Marek Perczynski, Zeneris CEO said.

NFI Foksal paid PLN 1.6m for a controlling stake in EnergoEko whose assets are worth PLN 10m. The capital will be raised soon to finance the construction of the first installation with capacity to produce 140,000 tons of wastes annually.

“The project worth PLN 80m will be financed from credits and EU funds”, Marek Perczynski added.

In the fourth quarter, the company will announce an issue. It wants to raise PLN 35-40m.

(PLN 1 = EUR 0.261)


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