The company, which has its headquarters in Radcliffe, hopes to start generating power at the `gasification' site in Dumfries which will become the first of its kind in Britain when it opens next year.
Ascot, which is owned by UK Capital Ventures Holdings, also specialises in building projects for companies in the waste and recycling sectors.
Established by chief executive Jim Hennessey in 1999, it processes thousands of tonnes of waste each year from disposal giants like Biffa and Viridor.
It also owns a company named Planet Advantage which is looking at technology-driven alternatives to land filling as part of the climate change agenda.
Mr Hennessey said: "The gasification process will see up to 60,000 tonnes of waste per annum put into boxes and then incinerated, after being starved of oxygen, at our plant in Dumfries. This is done within a carefully controlled environment which doesn't result in any airborne particles being released into the environment.
"A by-product is a synthetic gas which is then burned on site to generate around nine megawatts of power, which provides sufficient electricity for 9,000 homes.
"The process is an intelligent way of getting rid of waste while also adhering to all the EU's regulations."
Mr Hennessey, a civil engineer, established the company in the light of environmental legislation.
Ascot had a turnover of £69m to the end of March this year and is on target to achieve turnover of £75m in 2009.
Mr Hennessey said: "We are in the ideal position of not only running the facilities but also building them for ourselves and other clients in the future."
Ascot Environmental is nominated in the £50m-plus turnover category of this year's Manchester Evening News Business of the Year Awards.
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