Metal recycling company Sims plans to offload
its 50% stake in Queensland-headquartered renewable energy group LMS Energy
which owns and operates six solar plants and 36 waste-to-energy facilities at
landfill sites throughout Australia.
Sims announced today it has commenced a
process to sell its shareholding in LMS Energy after a strategic review of its
assets identified that the company would be better served putting more funds
into its core business of metal recycling.
Sims
Managing Director and Chief Executive Officer Alastair Field said
Brisbane-based LMS remains a good business but not a core asset and the sale is
consistent with the company’s business strategy to recycle capital and grow the
core metal business.
“LMS has
grown to be a leading bioenergy and methane abatement company in Australia and
expanded into new markets including the United States,” he said in a statement.
“The business has an experienced, dedicated management team, and I am confident
in its continued growth.”
Founded in
1996, LMS was the first Australian company to successfully design and install a
solar facility on a landfill site and now owns and operates six PV facilities
and 36 plants turning biogas into energy. The facilities, established on
landfill sites throughout Australia, collectively generate approximately
600,000 MWh of baseload renewable energy each year.
The
company’s solar
assets include a 1.5 MW solar system a