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Wakefield will reach financial close early 2010

Wakefields £700 million waste management PFI project will reach financial close in early 2010.

Since 2007, VT Group has been the preferred bidder to build treatment facilities to deal with up to 200,000 tonnes of residual waste but delays have beset the project because of the credit market.

Wakefield Council chief executive Joanne Roney said: Wakefield Council and the VT Group are continuing the final negotiations process and are hopeful of getting to Financial Close early in 2010. However this has been a complex and challenging process in view of the economic climate.

Following completion of the negotiations and contract signature there will be a short mobilisation period leading to an expected contract start in early spring.

Proposed facilities in the Wakefield waste project include an anaerobic digestion plant, materials recycling facility, in-vessel composting plant and a mechanical biological treatment plant.

In May this year, three banks - Barclays, Nord LB and SMBC - came together to supply the project with £80 million of senior debt for the 25-year deal. Media reports had suggested that the Treasury may have had to intervene to reach financial close. (see MRW story)


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