iCON Infrastructure Partners II (iCON II) has led a consortium including EEA and 2OC which has entered into agreements to fund and construct a 18 MW combined heat and power plant (CHP) facility that will provide heat and power under long-term contracts to Thames Water Utilities and National Grid.

Financial close was reached on 28 March 2013. Bank debt is being provided to the project by Deutsche Bank.

The facility is located in Beckton, East London where it will be integrated with National Grid's gas pressure reduction station and is in close proximity to Thames Water's desalination plant and sewage treatment works. The facility is expected to commence full operations in the first quarter of 2015.

Operis carried out an audit of the financial model used for the project, including a review of the tax and accounting treatments, on behalf of the senior lenders and equity investors.

iCON II is iCON Infrastructure's second fund focused on core infrastructure investments in Europe and North America and owns 77.5 per cent of the facility.  iCON Infrastructure LLP. was created by a team of infrastructure investment specialists who spun-out of Deutsche Bank into an independent investment firm.

Source: Operis & others