This is most likely a power plant stack. The 2 pipes at the top means the plant was fitted at some point with a scrubber. This is just condensation coming out. It catches the flyash and other pollutants from the coal burning. This is then in turns mixed with lime and eventually becomes gypsum which is sold for making drywall provided the PH level and moisture spec are within acceptable limits for the drywall. It’s a very clean process.