Integrated due diligence approach in infrastructure investment

With growing pressure to decarbonise, acquiring stakes in a Energy‑from‑Waste operator required a clear view of how EfW assets can evolve and adapt through technologies like CCS, integration with heat networks and circular resource strategies. Ramboll delivered integrated commercial and sustainability due diligence, providing Equitix with a holistic assessment of risks, value drivers and realistic transition pathways. This approach aligned sustainability directly with commercial outcomes and continued beyond transaction close, delivering an investor‑ready roadmap to guide the transition toward a lower‑carbon, more circular future.

Deal context

Ramboll recently supported Equitix on its acquisition of a substantial minority stake (with a path to acquire up to 50%) in Viridor Group, the UK’s leading Energy from Waste (EfW) platform. This transaction comes at a time when the EfW sector sits at a strategic crossroads, taking an indispensable role in the UK waste and energy systems while also facing tightening policy and increasing pressure to decarbonise. With decarbonisation technologies such as carbon capture and storage (CCS), greater integration with heat networks, and closer alignment with upstream material recovery, EfW assets have the opportunity to evolve within a more circular, low-carbon system. Viridor has signalled its intent to be at the forefront of this shift, with ambitions to deploy CCS across its fleet and explore adjacent value chain opportunities.

In this context, the investment case developed during due diligence required a clear view of how the transition could be actively designed to preserve and enhance long-term value. Ramboll was engaged to deliver an integrated due diligence covering commercial and sustainability workstreams, providing Equitix with a grounded, decision‑ready assessment of both transition risks and long‑term value drivers.

How the integrated approach added tangible value

The integrated approach to this transaction brought clarity to complex, interdependent transition dynamics, providing Equitix with a holistic understanding of risks and value opportunities. The following section highlights three ways this approach delivered tangible value during the transaction.

1. Gathering the complexity of the transaction through an integrated approach

Addressing the challenges and opportunities in the EfW sector demands an in-depth understanding of the interplay between technical, regulatory, sustainability and commercial aspects. In the context of the Equitix-Viridor transaction, the due diligence process by Ramboll was shaped through close collaboration between commercial and sustainability due diligence workstreams, supported by specialist technical EfW knowledge and commercial and regulatory CCS expertise. This ensured that the findings informed one another through engineering realities, regulatory interpretation, and commercial and sustainability considerations. An integrated approach enabled the assessment to move beyond a standalone risk exercise, reframing the transition story of EfW assets and helping design forward-looking pathways that preserve and enhance value.

2. Aligning sustainability with commercial value

The integrated due diligence avoided the common pitfall of treating sustainability as a separate narrative. In reality, sustainability considerations directly impact or are impacted by wider commercial and technical considerations. Namely, the forthcoming inclusion of EfW in the UK Emissions Trading Scheme (ETS), and market and regulatory developments on CCS will have direct implications for both the decarbonisation strategy and the operational activities of EfW facilities. Similarly, changes in recycling-related regulations will influence waste composition and feedstock availability, affecting both revenue streams and carbon intensity. Ramboll’s integrated approach ensured that sustainability considerations informed and were reflected in the commercial conclusions of the transaction.

This aligns with Equitix’s holistic approach, where sustainability considerations are embedded at the core of the investment process rather than treated as an add-on. Close collaboration between the sustainability team, asset directors and portfolio company management ensures that decarbonisation, resource efficiency and wider environmental impacts are integrated into strategic decision-making from the outset. The result is an investment model where sustainability is not only assessed but actively leveraged to guide assets toward lower carbon, more circular and more resilient operational futures.

3. Converting diligence outputs into an investor‑ready sustainability roadmap

The process did not end at transaction close with due diligence findings. The same multidisciplinary model was extended into a post-transaction engagement framework tailored for Equitix’s asset management teams. The engagement plan translated the sustainability priorities into investor-led action plans, helping asset directors to drive the asset’s transition towards a more circular and low-carbon future. Sustainability considerations were placed directly alongside commercial and strategic priorities, enabling a realistic approach to long term value creation.

Demonstrating the power of an integrated approach

The Equitix–Viridor transaction illustrates how combining insights across technical, commercial and sustainability streams can help unlock the value of complex infrastructure assets undergoing pressure to decarbonise. Ramboll helped shape an investment case grounded in realistic transition pathways and long‑term resilience.

The resulting insight reinforces Equitix’s position as a market-leading investor, enabling it to guide Viridor’s assets towards lower-carbon, more circular and strategically aligned futures.