As part of the deal, LGE is investing $10 million (£6 million) for a share of ten per cent in the company, which has developed a new process for converting municipal and commercial waste to a gas which can be used as a fuel.

The joint venture now intends to develop plants in central and eastern Europe as well as in Canada, and has commenced negotiations with potential partners in both regions. Advanced Plasma currently operates a pilot facility in Swindon.

LGE’s chief operating officer Robert M Clark says the global move away from dwindling fossil fuel reserves towards renewables, together with tightening waste management regulation, will drive investment returns for the fund, which was launched in 2007 with the aim of ‘originating projects and actively managing them from conception to operation’.