Green Bank backs Welsh bio
Financial close for £180m Parc Adfer energy-from-waste facility
The UK Green Investment Bank (GIB) has committed £35m of debt finance to a new £180m energy-from-waste plant near Flintshire in North Wales.
GIB joins a lending club that includes Mitsubishi UFJ Financial Group, Siemens Bank and Natixis, with Barclays providing an equity bridge loan.
The 18.8MW Parc Adfer facility is located at the Deeside industrial park and is expected to treat up to 200,000 tonnes of waste every year.
It is being developed by Wheelabrator Technologies and will be completed by the end of 2019 under a public-private partnership (PPP) with five local authorities.
French contractor CNIM will build the plant while Wheelabrator will operate and maintain it.
“Parc Adfer is likely to be one of the last local authority waste PPP 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,” said GIB head of investment banking Edward Northam.
“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.”
Image: Parc Adfer simulation (Wheelabrator)