Alberta Investment Management Corporation (AIMCo) has joined an Equitix-led investor group to acquire a 50% interest in Viridor Group, the UK's largest energy-from-waste platform. The transaction, which also includes GCM Grosvenor, sees KKR retain the remaining 50% stake. This move marks AIMCo's first investment in the energy-from-waste sector, expanding its global infrastructure portfolio.

Viridor operates 12 energy-from-waste facilities across the United Kingdom, with two additional facilities currently under construction. As a critical component of the UK's waste management infrastructure, Viridor processes residual waste and generates energy, serving as a market-leading platform with long-term contracted and inflation-linked cash flows.

Strategic rationale and asset profile

The investor group cited Viridor's diversified operating footprint and opportunities for future growth through its development pipeline as key drivers for the acquisition. Achal Bhuwania, Chief Investment Officer at Equitix, highlighted the asset's resilient utility-like characteristics and exposure to decarbonisation themes.

Ben Hawkins, Executive Managing Director and Global Head of Infrastructure at AIMCo, noted that the acquisition aligns with the firm's objective to deliver long-term value. He emphasized that Viridor provides essential services with stable cash flow characteristics, making it a strong fit for institutional capital seeking sustainable growth.

Transaction structure and partners

The deal represents a co-control structure where the new investor group holds 50% alongside KKR. Equitix, a specialist infrastructure manager with approximately $20 billion in assets under management, leads the transaction. AIMCo manages more than CAD$210.7 billion in assets as at June 30, 2026, on behalf of pension, endowment, insurance, and government funds in Alberta.

What the numbers show

The transaction highlights a strategic diversification for AIMCo into environmental services within its infrastructure allocation. While KKR retains half the equity, the entry of AIMCo and GCM Grosvenor introduces additional institutional capital to support Viridor's development pipeline. The combination of Equitix's European mid-market focus and AIMCo's large-scale global mandate suggests a blended approach to managing this essential infrastructure asset, leveraging both bilateral origination and disciplined underwriting.