Current portfolio


Leading UK and Irish owner and operator of waste transformation and recovery facilities

Encyclis provides energy-from-waste services which turn residual waste into low-carbon electricity, heat and other reusable materials

Image of Encyclis
  • Sector
  • Country
    UK and Ireland
  • Responsible Advisor
    Anna Sundell
  • Fund
    EQT Infrastructure V
  • Entry
  • Web

About Encyclis
Headquarted in the UK, Encyclis provides energy-from-waste services which turn residual waste into low-carbon electricity, heat and other reusable materials. Formerly known as Covanta Europe, its state-of-the-art energy recovery facilities support the transition to a circular economy by making productive use of residual waste that would otherwise go to landfill. With expertise stretching back over three decades, extensive partnerships and continuous innovation, Encyclis provides a progressive solution for waste management which accelerates the journey to net-zero.

Market trends & drivers
UK and EU policy is based on a “waste hierarchy” mechanism where energy recovery is preferred for waste that cannot be recycled – “residual waste”.

In the UK, the introduction of landfill tax has spurred UK EfW development over the past decade towards an equilibrium of waste supply and incineration capacity in the medium term. The capacity gap between EfW capacity and residual waste supply still exists although based on known construction projects this is set to reduce through the decade. One of the key value levers for Encyclis is to secure development projects as the UK market tightens.

In Ireland, Encyclis’ Dublin plant is the only facility in the Dublin vicinity and critical to the treatment of Irish waste. Without this plant, substantial volumes of non-recyclable Irish waste would need to be sent abroad or to landfill.

Investment Potential
Encyclis is the result of the legal separation of Covanta’s European operations from Covanta Holdings Corporation (EQT Infrastructure V portfolio company). This separation provides a unique opportunity to develop a standalone European EfW platform and unlock its core value by successfully delivering under construction facilities to operation and consolidating Encyclis as a leading operator in the UK and Ireland. EQT Infrastructure, through its purpose-driven investment approach, is supporting Encyclis to drive sustainable waste processing and enable transitions to a circular economy, playing a key role in empowering and supporting the UK and Ireland’s ambitions towards net zero.

Board of directors

  • Chairperson
    Mark Burrows-Smith
  • Board member
    Miriam Greenwood
  • Board member
    Karl-Heinz Muller
  • Board member
    Elizabeth Barber
  • Board member
    Anna Sundell


  • CEO
    Owen Michaelson
  • CFO
    Mark Corben
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