In 1998 the Reading Borough, Bracknell Forest, and Wokingham District Councils found themselves responsible for both disposal and collection of waste due to a change related to the organisation of local authorities. The three councils decided to partner together to address European Union and UK waste targets, which resulted in the creation of a joint committee known as the Waste Disposal Board.

The PPP contract was for the construction of waste handling, treatment, transfer and disposal facilities in Reading and Bracknell, the ongoing operations of these facilities, as well as receipt of municipal waste. The aim of developing these facilities was to increase household recycling to 50% and achieve 75% diversion from landfills no later than 2031.

The procurement partnership (Procuring Authority) was named Re3 to represent the three councils. The Project Company then chose to use the name of the partnership and call itself Re3 Ltd. While both the Project Company and the Procuring Authority carry the same name, there is no common ownership. The Project Company is owned entirely by private investors.