Published On: Fri, Jul 12th, 2013
7th Heaven Properties Appointed to Source Site for $300 Million Caribbean Clean Energy Plant
Caribbean real estate specialists 7th Heaven Properties exclusively appointed by Cahill Energy to source sites across the Caribbean and Central America to build a $300 million (USD) plant to transform household waste into clean, renewable energy
LONDON – London-based 7th Heaven Properties, specialists in residential and commercial Caribbean real estate, has been exclusively appointed by Cahill Energy to source and evaluate sites across the Caribbean Basin region to build a $300 million (USD) Waste to Energy plant utilising the most innovative technology available to transform all kinds of waste into clean, renewable energy.
Cahill Energy, which was established to finance, build, own and operate utility-scale Waste to Energy plants in key markets, has appointed 7th Heaven Properties to initiate a search across the Caribbean islands and Central America for the ideal site which would provide a leading edge, environmentally sound solution to two of the region’s most pressing challenges: waste management and energy security.
Landfill is currently the most commonly used waste disposal method in the Caribbean and Central America, but with waste generation rates rapidly rising as a result of population growth, urbanization and economic development, many landfill sites across the region are reaching capacity. With the Caribbean Basin region producing approximately 60 million tonnes of solid waste each year, Governments recognise that more efficient, sustainable and environmentally-friendly waste management and disposal solutions are required as a matter of urgency.
Most Caribbean and Central American countries and territories also face an energy security challenge. Largely reliant on imported sources of fossil fuels to meet soaring demand for energy, they are vulnerable to fluctuating energy prices and struggling to meet renewable energy targets.
Cahill Energy’s Waste to Energy technology represents a solution to both these challenges. Across Europe, where Waste to Energy goes hand in hand with waste minimisation and recycling initiatives, waste is commonly diverted away from landfill sites to about 400 plants in countries such as Germany, Denmark and the Netherlands. A continuous stream of new sites is coming on line in Europe, as well as China, Japan and India. Sweden has even begun importing garbage from neighbouring European countries which is transformed into clean, renewable energy to power homes.
Cahill Energy plans to invest $300 million (USD) of its own funds in the development of a Waste to Energy plant utilising proven, patented Waste to Energy technology already in use in 4 commercial facilities worldwide; with additional plants under construction in the UK and China. Using plasma gasification technology (the most effective and environmentally friendly method of waste treatment available) the plant would transform almost all kinds of solid waste into clean, renewable energy, providing a new domestic energy source for the selected location and reducing reliance on imported fuel. Unlike landfill, incineration and other less efficient Waste to Energy technology in use elsewhere, plasma gasification produces almost zero emissions.
Walter Zephirin, Managing Director of 7th Heaven Properties, commented: “We are delighted to have been appointed by Cahill Energy and to be working with Cahill on realising a clean, green solution to the Caribbean’s waste management and energy security challenges – issues of critical importance to sustainable development and economic growth in the Caribbean.”
Clare Cowan CEO of Cahill Energy added: “I am delighted to be working closely with 7th Heaven Properties, our exclusive representative, to develop opportunities for us to invest in the Caribbean region. We consider that the Caribbean has considerable potential as it has both major challenges in reducing waste going to landfill and a recognised need for renewable energy.”