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Financial Close for Slough Energy from Waste Facility Announced by Lakeside Energy from Waste Ltd.
03/10/2005
Lakeside Energy from Waste Ltd, which was recently formed as a JV between Grundon Waste Management and Viridor Waste Management to develop the energy from waste facility at Colnbrook near Slough, has reached financial close with its investors, led by the Bank of Ireland.
News of the package, worth around £180 million, was announced at the same time as the award of the Engineering Procurement Contract to the Japanese consortium Itochu/Takuma.
Speaking on behalf of the Bank of Ireland, Andrew Hartley, Head of Infrastructure, Global Project Finance says,
"We are delighted to have provided the financing for this innovative transaction with two leading players in the waste industry. Lakeside reinforces our commitment to targeting the environmental and waste sectors for project finance. In the UK particularly, as well as Ireland and elsewhere, huge investment is needed to establish environmentally better disposal routes to landfill for domestic and industrial waste, and the Bank of Ireland is keen to play a leading role in this investment."
In turn, Richard Skehens and Mike Hellings, Managing Directors of Grundon and Viridor respectively, say that the Bank of Ireland has already been involved with the project for a number of years and their continued support for this exciting project is most welcome.
"We would also like to thank our financial advisors Ernst & Young and our lawyers Messrs Manches & Lawrence Graham, who have consistently offered our project team sound advice and support."
The team working on delivering the project now includes Nick Gamble from Fichtner as consulting engineers, Itochu/Takuma as EPC managers and Edmund Nuttall Ltd as the principal civil engineering contractor.
Preliminary infrastructure works have already started on the Colnbrook site with the construction of the weighbridge. Commissioning of the EfW plant is scheduled for mid 2008.
The photograph shows representatives of the project team exchanging contracts at the offices of Allen and Overy.
From left to right: Richard Skehens (MD Grundon), Mike Hellings (MD Viridor), Toru Nomura, (Executive Officer, Itochu Corporation), Hajime Tejima, (President and CEO, Takuma Co Ltd).
