Urbaser-Meridiam consortium has announced the financial close for the Zubieta waste-to-energy plant PPP in Guipuzcoa, Basque Country (Spain).

The Ekondakin consortium, comprised of  Meridiam Investments (50%), Urbaser (46%), Construcciones Moyua (1%), Murias (1%), Altuna y Uría (1%) and LKS Ingeniería (1%), has achieved the financial closure for a total amount of €191 million (US$213 million) through an innovotive combination of bonds and loan agreements.

The financing has been arranged with a group of financial institutions including Natixis, Rivage, AG Insurance, Kommunal Kredit, CIC, Siemens Bank, and KDB. Additionally BBVA has been appointed as the bookrunner and financial advisor for the transaction.

As we reported, Ekondakin was awarded the PPP contract in early January and will be the concessionaire for the project for a period of 32 years. The total project investment is estimated at €217.6 million (US$243 million). 

The concessionaire will be responsible for the construction, finance, operation and maintenance of a waste to energy plant with capacity to treat approximately 200,000 tones per year. In addition, the consortium in charge of the concession will have rights on the revenues for the power generated, which is expected to be 160.000 MWh per year.