Cleanaway Waste Management (ASX:CWY) partnered with Australian bioenergy company LMS Energy to monetize landfill gas at the company's Lucas Heights landfill in New South Wales, according to a Friday filing with the Australian bourse.
The company will grant exclusive rights to the landfill gas for 20 years, while LMS Energy plans to invest AU$46 million in new bio-electricity assets, the filing said.
The company anticipates the partnership to generate incremental earnings before interest and taxes (EBIT) of around AU$5 million in fiscal 2025 and AU$10 million in fiscal 2026 and an annual EBIT of around AU$15 million beyond fiscal 2026.
The company continues to anticipate fiscal 2025 EBIT of AU$395 million to AU$425 million, which includes the joint venture's EBIT accretion, according to the filing.
Cleanaway shares rose nearly 1% in morning trade Friday.
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