Spanish developer FCC is lining-up banks to finance a residual waste public private partnership (PPP) project in Scotland.

According to sources, a group of banks is preparing a £120 million (US$176.8 million) debt package for the project. The group of banks is made up:

• The UK Green Investment Bank (GIB),
• Sumitomo Mitsui Banking Corporation (SMBC),
• Credit Agricole, and
• NordLB.

Edinburgh and Midlothian councils awarded the project to FCC in late 2014. The firm will handle up to 135,000 tonnes of waste per annum, as part of a 25-year contract. The deal also includes the construction, financing and operation of an energy from waste facility- with feedstock to be sourced from both Edinburgh and Midlothian councils.

The new energy-from-waste (EfW) plant will be located at a disused rail Marshalling Yards near Millerhill in Midlothian. The plant will be operated by Alauna Renewable Energy, a joint venture between Kelda Water Services and Scottish Water.

The total project investment is estimated at about US$204 million.

The new facilities will help both authorities reach Scotland's recycling target of 70% by 2025 and the country's landfill diversion target of 95% by 2025.

FCC along with Macquarie Capital Group Ltd. (Equity Provider), John Sisk & Son Ltd., has been named preferred bidder in the tender process for the Grangegorman Public Private Partnership (PPP) project in Ireland. The project consists of two new technologically-advanced education buildings - the Central and East quads - at DIT's new education campus at Grangegorman. This project is valued at some €180 million (US$188.8 million).