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New Earth Solutions announces Avonmouth refinancing

New Earth Solutions has secured the refinancing of its £60m Avonmouth Energy Recovery facility.

The company, which provides waste treatment solutions to 18 local authorities across England, Scotland and Wales, made the debt facility with Macquarie Bank to partially refinance the Avonmouth plant.

The Avonmouth plant uses a combination of pyrolysis and gasification methods to process up to 120,000 tonnes a year of refuse derived fuel.

Darren Stockley, managing director at New Earth Solutions, said: “All our six operational plants now include bank finance. For two we used ‘conventional’ project finance through the construction stage but the others, which include the Avonmouth ERF, we re-financed after commissioning.

“By this means we have been able to build new infrastructure quickly using novel processes through a period of general constriction in the availability of bank debt. We now expect to be able to fund our next development projects for which planning permission, waste contracts, and land have been lined up. ”

The company is planning a seventh waste treatment and energy recovery centre, at Galashiels in Scotland.

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