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Energy from waste facility reaches financial close

The Lakeside Energy from Waste (EfW) site at Colnbrook near Slough has reached financial close in a £180 million package led by the Bank of Ireland.

The joint venture between Grundon and Viridor Waste Management announced the news at the same time as the award of the Engineering Procurement Contract (EPC) to the Japanese consortium Itochu/Takuma.

Bank of Ireland head of infrastructure for global project finance Andrew Hartley said: "We are delighted to have provided the financing for this innovative transaction with two leading players in the waste industry. Lakeside reinforces our commitment to targeting the environment and waste sectors for project finance."

Itochu/Takuma had been widely tipped for the contract and while infrastructure work has already begun with construction of the weighbridge, all financing is now in place for the continued development of the site. Commissioning of the EfW plant is scheduled for mid 2008.

Grundon and Viridor managing directors Richard Skehens and Mike Hellings said that the Bank of Ireland had been involved with the project for a number of years and welcomed their continued support.

The team working on delivering the project now includes Nick Gamble from Fitchner as consulting engineers, Itochu/Takuma as EPC managers and Edmund Nuttall as the principal civil engineering contractor.

Andrew Hartley added: "In the UK particularly, as well as Ireland and elsewhere, huge investment is needed to establish environmentally better disposal routes to landfill for domestic and industrial waste, and the Bank of Ireland is keen to play a leading role in this investment."

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