HSBC backs Cory London power plant – HZI £900m win


Hitachi Zosen Inova (HZI) has been awarded the contract for a new power plant in London – valued at £900 million. 

3D image of Cory London Power Plant
Credit: Cory Group
by Rory ButlerDecember 16, 2022

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Cory Group awarded HZI the engineering, procurement and construction contract for Riverside 2, Cory’s second Energy from Waste (EfW) facility, in Belvedere, South London. 

Cory recently announced the financial close for the new plant, whose construction will begin in January 2023, with £66 million of funding from HSBC UK. 

Riverside 1, also built by HZI and backed by HSBC UK, is adjacent to the new facility.  

Riverside 2 is being constructed in response to a “shortfall in waste processing capacity in London and the South East”, Cory said. The London Plan aims for 100% of the city’s waste to be processed within its boundaries by 2026. 

Riverside 2 

  • One of the UK’s largest EfW facilities 
  • 650,000 tonnes of waste diverted from landfill a year 
  • Low-carbon electricity power for up to 140,000 homes 
  • Lowest Nitrogen Oxide levels of any UK EfW facility 

Carbon Capture and Storage (CCS) technology, as well as green hydrogen generation at the site – both recently designated as Nationally Significant Infrastructure Projects by BEIS – could deliver 1.4 million tonnes of CO2 savings per annum by 2030. 

One of the UK’s largest heat networks is also planned for the site, delivered in partnership with Vattenfall. 

When operational in 2026, 140 jobs in operations, river infrastructure and head office (including apprenticeships) will be created.  


  • DC Advisory
  • Linklaters
  • Pinsent Masons
  • Fichtner


  • Dalmore Capital
  • Swiss Life
  • Fiera Infrastructure
  • Semperian Infrastructure Group
  • TfL

“This is a huge milestone, not only for Cory, but also for London and for the development of the UK’s low-carbon infrastructure,” said Dougie Sutherland, CEO of Cory.  

“We are making a significant investment to ensure that we process non-recyclable waste to the highest standards at a site that is enabled for carbon capture and hydrogen production.” 

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