The Parc Adfer scheme at Deeside Industrial Park in Flintshire has finally reached financial close between five local authorities and private partner, Wheelabrator.
Debt on the project was provided by the Green Investment Bank, which has pledged £35m, plus contributions from private banks Natixis, Siemens Bank, Mitsubishi UFJ Financial Group (MUFG) and Barclays.
Wheelabrator, which won the scheme in April 2014 having become the sole bidder on the project, will deliver the 18.8 MW energy-from-waste plant by the end of 2019. Constructions industrielles de la Mediterranes (CNIM) will build the facility, with Wheelabrator operating and managing it.
The five local authorities include Flintshire County Council, Denbighshire County Council, Gwynedd Council, Isle of Anglesey County Council and Conwy County Borough Council.
“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 Edward Northam, head of investment banking at the Green Investment Bank.
“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,” said Northam.
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