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Severn Trent to buy waste recycler to expand renewable energy business

Severn Trent to buy waste recycler to expand renewable energy business
FILE PICTURE: A Severn Trent sign hangs on a gate at Cropston Reservoir in Cropston, central England, May 15, 2013. REUTERS/Darren Staples   -   Copyright  Darren Staples(Reuters)
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(Reuters) – Severn Trent Plc <SVT.L> said on Thursday it would buy organic waste recycler Agrivert Holdings Ltd for 120 million pounds ($156.1 million), as the British water utility aims to expand its renewable energy business.

Agrivert generates renewable energy from food waste and operates food-waste processing plants and waste composting sites in the UK.

“Renewable energy is strategically important to Seven Trent and the UK as a whole as we work towards achieving our decarbonisation targets,” Severn Trent Chief Executive Officer Liv Garfield said in a statement on Thursday.

Severn Trent, an FTSE 100 component, will fund the deal with existing cash and bank facilities, it said.

($1 = 0.7689 pounds)

(Reporting by Muvija M in Bengaluru; Editing by Amrutha Gayathri)

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