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Lwarb rolls out £20m fund

The London Waste and Recycling Board (Lwarb) has launched a £20m fund for waste developments to help fill the capital’s infrastructure gap.

A recent review of London’s infrastructure needs highlighted the city could host 40 new facilities to process waste.

Lwarb chair Richard Tracey said the funding will play a “critical role” in their developments.

The fund can support projects at different stages. Options include:

  • £6m capital fund for new developments in or around London
  • £5m corporate loan fund for existing waste companies in London seeking to expand or upgrade their equipment
  • £1m development loan fund to support prospective projects in their earlier stages

Next year, Lwarb will also launch a £1m venture capital fund and explore opportunities for another £7m investment in a new equity fund.

Lwarb will back projects focused on London’s waste and that meet the environmental requirements of the Mayor of London’s waste strategies, which include low carbon criteria.

The organisation said it will evaluate proposals involving all technologies, such as recyclate sorting and separation, secondary material reprocessing or remanufacturing, anaerobic digestion and composting facilities, thermal and chemical conversion facilities. Reuse projects will also be considered.

Wayne Hubbard

“The investment framework is designed to allow Lwarb to operate flexibility,” said chief operating officer Wayne Hubbard, left.

“All expressions of interest that meet the criteria set out for each of our investment products will be considered.”

The board said it will not invest in projects which can be wholly financed by the private sector, but will help reduce the risk of those that are at “its margin”.

 

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