Construction of an energy-from-waste (EfW) facility in Wales is set to commence in January after the plant reached financial close.
The Green Investment Bank (GIB), Mitsubishi UFJ Financial Group, Siemens Bank and Natixis, with Barclays providing an equity bridging loan, have all committed funding for the £180m plant at Deeside Industrial Park in Flintshire.
Wheelabrator Technologies’ Parc Adfer facility will accept up to 200,000 tonnes a year of non-recyclable household, industrial and commercial waste.
Residual waste will come from five local authorities that make up the North Wales Residual Waste Treatment Project: Conwy County Borough Council, Denbighshire County Council, Flintshire County Council, Gwynedd Council and the Isle of Anglesey County Council.
Wheelabrator chief executive Robert Boucher said: “To achieve financial close is a significant milestone and I’m extremely proud of our team for making this possible. This is the result of six years of hard work and negotiations, and I’m excited to welcome our third UK facility to our global fleet.”
UK managing director Paul Green said: “We remain focused on developing our pipeline for growth and building long-lasting relationships in the five north Wales authorities, as well as commercial waste companies across the UK.
“We are committed to bringing our experience and industry expertise to Wheelabrator Parc Adfer, delivering a facility of the highest safety and operational standards.”
GIB head of investment banking Edward Northam said: “Parc Adfer is likely to be one of the last local authority waste public-private partnership projects to reach financial close in the UK, bringing a 20-year programme to an end and ushering in a new era of waste infrastructure financing.
“Investors are already turning their attentions to the opportunities presented by new merchant infrastructure, which we believe could require up to £3.6bn of additional funding by 2020.”