Operis has informed that financial close has been achieved for the Gloucestershire Waste PFI project on 22nd February 2013.

On 14 September, 2012, the consortium formed by Balfour Beatty and Urbaser won the tender process to build and operate the waste to energy facility.

The lenders included SMBC, Nord LB and Bayern LB. Operis provided model auditing services and a tax and accounting review.

The scheme involves the construction of an energy from waste facility at Javelin Park near Haresfield, which has the capacity to process 185,000 tonnes of waste per annum. Construction is expected to be completed in 2016 with operations running for 25 years.

The 25-year contract, estimated to be worth approximately £500 million, will see the combined heat and electricity facility process up to 190,000 tonnes of waste a year, specifically focusing on the waste that cannot be reduced, reused or recycled. The council has said that it aims to recycle 70 per cent of Gloucestershire's rubbish by 2030, with the remaining 30 per cent being sent to the UBB facility.