South Tyne & Wear Waste Management Partnership (The Borough Council of Gateshead, The Borough Council of South Tyneside, and The City of Sunderland) in the UK has completed the refinancing for STWWMP PFI project. 

The STWWMP PFI is a concession contract between STWWMP and the Contractor, a special purpose vehicle owned by Suez, Itochu and the Civis PFI/PPP Infrastructure Fund LP, to manage 190,000 tonnes of residual household waste each year, including the design, build, finance and operation of an Energy Recovery Facility in Teesside with a capacity of up to 256,000 tonnes per year, and the development of three waste transfer stations, and a visitor center.

The refinancing replaced the funded Debt Service Reserve Account with a contingent Debt Service Facility while leaving the rest of the financing structure in place, thus releasing funds for the benefit of the shareholders. STWWMP was entitled to a contractually defined share, which it chose to take as a discount against future Unitary Charge payments for the remainder of the concession.

DWPF has advised the council on the refinancing process.