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Grundon and Viridor Set Up New Joint Venture to Develop Slough Energy from Waste Plant
02/09/2005
Grundon Waste Management has entered into a Joint Venture agreement with Viridor Waste Management, to manage Lakeside Energy from Waste Ltd, the development company for the energy from waste facility at Colnbrook, near Slough.
The two companies believe that their complementary skills and experience provide a unique opportunity to deliver this strategically located facility, in line with EU and UK legislation and targets.
Richard Skehens and Mike Hellings, Managing Directors of Grundon and Viridor respectively, are both delighted that their detailed negotiations have reached such a successful outcome,
"This partnership represents a real meeting of minds between two well established and well respected waste management companies. Our skills and expertise complement each other very well and just as importantly, our management teams are already working together seamlessly."
Lakeside recently announced that it had selected its preferred bidder for the Engineering Procurement Contract (EPC) for the 400,000 tpa advanced moving grate facility. The contract, worth over £100 million, is expected to be awarded shortly to the Japanese consortium Itochu/Takuma.
Viridor and Grundon will each own 50% of the plant, the total costs of which are projected to be £160 million. The lead arranger for the project, which will be within normal project finance parameters, is the Bank of Ireland.
In a joint statement, Skehens and Hellings said,
"We expect to see financial close and the award of the EPC contract in early autumn, although the preliminary infrastructure works have already started on site with the construction of the weighbridge. Commissioning of the EfW plant is scheduled for mid 2008."
The photograph shows the directors from Grundon and Viridor who signed the JV agreement on behalf of their respective companies.
From left to right: Richard Skehens (MD Grundon), Mike Hellings (MD Viridor), Norman Grundon (Chairman Grundon), Barrie Hurley (Development Director Viridor).
