Green Investment Bank Commits £35m to North Wales Energy from Waste Plant
16 December 2016
GIB commits £35m to North Wales energy-from-waste-plant
Green Investment Bank has committed £35 million of senior debt to the construction of a new energy-waste-plant in North Wales.
The facility will cost a total of £180m and is also backed by Mitsubishi UFJ Financial Group, Siemens Bank and Natixis, with Barclays providing an equity bridging loan.
The Parc Adfer project is forecast to generate 133GWh of electricity annually once operational, save 21,000 tonnes of greenhouse gas emissions and prevent up to 200,000 tonnes of non-recyclable waste being sent to landfill.
Green Investment Bank head of investment banking Edward Northam said: “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. Investors are already turning their attentions to the opportunities presented by new merchant infrastructure, which we believe could require up to £3.6 billion of additional funding by 2020.”
It is being built and operated under a public-private partnership (PPP) with five local authorities in North Wales.
Construction of the plant will likely be completed by 2019 and is expected to create hundreds of jobs during construction and support 35 new full-time positions once operational.