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Biffa, Covanta achieve fin close for 42-MW WtE project in England

Photo: Pixabay

February 11 (Renewables Now) - UK waste management company Biffa PLC (LON:BIFF) and US waste and energy specialist Covanta Holding Corp (NYSE:CVA) have achieved the financial close on their up to 42-MW waste-to-energy (WtE) project in Leicestershire, England.

Biffa owns 50% of the project, while Covanta and Green Investment Group (GIG), part of Australia's Macquarie Group Limited (ASX:MQG), are its joint venture partners, according to a statement released on Tuesday.

Biffa will provide 70% of the fuel for the plant, while Covanta will be responsible for the operations and maintenance. The Newhurst plant will treat 350,000 tonnes of non-recyclable waste a year and generate enough power to supply about 80,000 households. It is expected to be commissioned in 2023.

Hitachi Zosen Innova, a WtE engineering and construction company, will build the facility. The total construction cost of the project will be between GBP 285 million and GBP 295 million (USD 368m-382m/EUR 338m-350m).

The joint venture is also developing a WtE facility at Ince Marshes in Cheshire, where financial close has been delayed because of a longer-than-expected development process, Biffa noted.

(GBP 1.0 = USD 1.293/EUR 1.186)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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