Ashurst has advised Biffa plc, Covanta and Macquarie’s Green Investment Group, as sponsors, on the development, financing, operation and maintenance of the 42MW energy from waste facility, to be constructed at Newhurst, Leicestershire.
The facility will be able to power around 80,000 homes.
The state of the art, single line energy from waste facility will provide up to 350,000 tonnes of annual treatment capacity for non-recyclable waste. Biffa will provide 70% of fuel for the facility from its existing local waste collection services.
Notably, the project is the first project financed energy from waste (EfW) project to reach financial close in the UK since the Rookery EfW project in March 2019, on which Ashurst also advised, and is the third EfW project developed by GIG and Covanta to reach financial close in the last 15 months.
The facility will be built by Swiss company Hitachi Zosen Inova (part of Hitachi Corporation) and will be operated by Covanta Corporation.
Debt finance is being provided by Natwest, Allied Irish Banks, ABN Amro, Natixis and Crédit Agricole and the total project construction cost (excluding financing costs) will be around £285 million to £295 million.
The Ashurst team was led by partner Cameron Smith (Picture) and Patrick Boyle, and also comprised partners Nicholas Hilder, Anthony Johnson and Antony Skinner. Consultants Jan Sanders and Michael Smith, counsel David Cave, legal consultant Karen Braakman, senior associates Nicholas Monks, Mark Emmanuel, David Razzell, Charlie Reid, Peter Grayson and Adam Skibsted and associates Wilson Lu, Ffion Archer, Veronica Chan, Elle Hansen, Luiza Wojciszke, Ian Hedberg, Laura Birkinshaw-Miller, Michelle Davenport, Matt Gillam, Claudia Sharland, Helen Raynsford, Alice Rosenshaw, Brian Cheung, Olivia Barton and Sinead Tulley all assisted.
Involved fees earner: Ffion Archer – Ashurst; Laura Birkinshaw-Miller – Ashurst; Patrick Boyle – Ashurst; David Cave – Ashurst; Brian Cheung – Ashurst; Michelle Davenport – Ashurst; Mark Emmanuel – Ashurst; Matt Gillam – Ashurst; Peter Grayson – Ashurst; Elle Hansen – Ashurst; Ian Hedberg – Ashurst; Nicholas Hilder – Ashurst; Anthony Johnson – Ashurst; Wilson Lu – Ashurst; Nicholas Monks – Ashurst; Helen Raynsford – Ashurst; David Razzell – Ashurst; Charlie Reid – Ashurst; Alice Rosenshaw – Ashurst; Jan Sanders – Ashurst; Claudia Sharland – Ashurst; Adam Skibsted – Ashurst; Antony Skinner – Ashurst; Michael Smith – Ashurst; Cameron Smith – Ashurst; Sinead Tulley – Ashurst; Luiza Wojciszke – Ashurst;
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