The North London Waste Authority has today (March 25) been awarded a record-breaking £258m boost in private finance initiative credits.
The award is estimated to be worth £481m in cash terms over time, overtaking the Greater Manchester waste PFI deal. According to the NLWA, the flagship procurement project will be one of the most valuable in western Europe, handling around 3% of the municipal waste tonnage by 2045. The NLWA will be publishing contract notices to prospective bidders in the Official Journal of the European Union.
NLWA chairman Clyde Loakes said: This is a massive boost for our ambitious plans to halt waste growth, recycle half of the waste we do create and put north London at the forefront of sustainable waste management solutions.
As the second largest waste disposal authority in the country, we have a responsibility to help meet national and international targets. But today is also a massive boost to the local economy in terms of investment, the prospect of green economy jobs, renewable energy opportunities and significant help in keeping down local council tax bills.
The grant will help to pay for £500m-£600m new waste management facilities, which could include materials recovery facilities, an anaerobic digestion plant and a facility to treat solid recovered fuel produced from treated residual waste to generate energy.
Environment Minister Dan Norris said: This funding demonstrates how local authorities and industry can work together to make better use of the waste that is produced, create jobs and reduce our impact on the environment.
The NLWA aims to obtain a 50% recycling rate for the north London area by 2020.
NLWA director of procurement Tim Judson MRW: We are very keen and anxious to crack on with the procurement exercise and get the facilities on the ground. We are confident of the deliverability of our procurement.
The authority has organised a very deliverable market opportunity and we can now move forward with inviting proposals. Business leaders should be taking a keen interest in the construction work associated with the new facilities, the waste management services we are seeking, and the 500,000 tonnes of metals, plastics, glass and other recycling/ compost materials that will be produced in north London every year.