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)