Plasco Energy Group, an Ottawa-based converter of waste into renewable energy, has raised 140 million Canadian dollars ($143 million) in new equity funding. Soros Fund Management led the round, which will help fund commercial projects in Canada, the U.S., China and other countries. The company closed a $110 million round in July 2010, led by Ares Management.
Plasco Energy Group Inc. today announced a C$140 million equity financing led by funds managed by Soros Fund Management LLC. Proceeds from the financing will be used to fund commercial projects in development in Canada, the United States (California), the United Kingdom, Poland, the Caribbean, and China. The new financing follows a C$110 million equity commitment led by Ares Management LLC in July 2010.
“The new round of capital bolsters our balance sheet and puts us in a position to execute on multiple projects that have emerged since our last round of financing,” Plasco CEO Rod Bryden said. “The performance of the company’s existing Ottawa plant and a strong pipeline of contract opportunities have allowed us to demonstrate to investors that our technology is proven and ready for commercial delivery.”
Plasco uses its proprietary technology to convert municipal solid waste (MSW) into PlascoSyngas, clean water and construction aggregate. PlascoSyngas is then used to fuel engines to produce electricity with a low emissions footprint, leaving less than two percent of the MSW processed for disposal to landfills.
“We are delighted to deepen the support for Plasco and to add an investor of the caliber of Soros Fund Management,” Jeff Serota, Senior Partner at Ares Management, stated. “The additional capital will allow Plasco to execute on a number of new opportunities, and we look forward to working with our new partners to build the market leader in the waste-to-energy industry.”
About Plasco Energy Group Inc.
Plasco Energy Group builds, owns, and operates proprietary, world-leading technology that converts municipal solid waste into green power and other valuable products. Plasco is the best green alternative for municipal waste management by providing a socially acceptable and environmentally superior solution. For more information, visit www.plascoenergygroup.com.
About Ares Management LLC
Ares Management is a global alternative asset manager and SEC registered investment adviser with approximately $39 billion of committed capital under management and approximately 330 employees as of December 31, 2010. The Ares Private Equity Group seeks strong business franchises and situations where its capital can serve as a catalyst for growth. For more information, visit www.aresmgmt.com.
About Quantum Strategic Partners, Ltd.
Quantum Strategic Partners, Ltd., the fund managed by Soros Fund Management LLC that is investing in Plasco Energy Group Inc., is engaged in acquiring, building and investing in world-class companies and assets that can generate strong cash flow growth over long horizons.