Covanta, Biffa and Macquarie’s Green Investment Group (GIG) have reached financial close for the 42MW Newhurst Energy-from-Waste facility (EfW) in Leicestershire, England. Cornwall Insight’s team of consultants supported the deal.
Over the recent months, we provided a comprehensive end-to-end Power Purchase Agreement (PPA) tender support service to the project partners to support the investment. This included developing the PPA tender criteria, managing all aspects of the tender process, commercial and contractual assessment of the PPA offers and the provision of ongoing support throughout the contract negotiation process to the partners and their advisors.
The EfW facility will use proven technology to provide up to 350,000 tonnes of annual treatment capacity for non-recyclable waste. It will also generate up to 42MW of electricity and is expected to commence operations in 2023.
Dr. Craig Lowrey, Senior Consultant at Cornwall Insight, said of the engagement: “We are delighted to have played a key role in supporting this investment by Covanta, Biffa and GIG. Our participation allowed Cornwall Insight to apply and build upon its long-standing and in-depth PPA knowledge – as well our capability to successfully support key investments that will play an important role in the pursuit of the UK’s low-carbon goals.”
Commenting on the project moving forward Craig said: “We are very pleased that the partners will be moving forward with the Newhurst project, and that we were able to use our consultancy and analytical capabilities to support them in this regard.”
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