Financial close reached for Merseyside waste PPP project
A consortium consisting of SITA UK (Suez Environnement), Sembcorp Utilities UK and I-Environment (Itochu Corporation) has secured financing for the £250 million Wilton 11 EfW plant developed by Merseyside Waste Disposal Authority.
On December 23th, 2013, the consortium secured loans from a pool of banks and including £20 million (US$32.8 million) from the UK's Green Investment Bank.
Other financiers include Banco Bilbao Vizcaya Argentaria (BBVA), Bank of Tokyo-Mitsubishi; Credit Agricole Corporate & Investment Bank; Mizuho Bank; Sumitomo Mitsui Banking Corporation and Unicredit Bank.
On 19 April 2013, the consortium was selected as preferred bidder for the waste contract worth £1.18 billion (US$1.93 billion) over 30 years with the Merseyside Recycling and Waste Authority.
The contract is to manage over 430,000 tonnes of residual household waste each year from Merseyside and Halton and the plant will generate a 49MW of power.
The contract includes the design, build, finance and operation of two key facilities: a rail loading waste transfer station in Merseyside and a new purpose-built energy-from-waste facility in Teesside. Total capital investment for the two facilities will be around £250 million (US$409.7 million). Both key facilities are expected to be operational by 2016.
In a statement, the Green Investment Bank said the plant was expected to avoid more than 1.8 million tonnes of CO2 equivalent during its 30-year lifetime, equivalent to the annual emissions of 780,000 cars.
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