Cornwall Insight supports financial close on 42MW Newhurst Energy-from-Waste project

Cornwall Insight, an energy consultancy, research and analytics company, is pleased to announce its role in providing Power Purchase Agreement (PPA) market testing and tendering support for the 42MW Newhurst Energy-from-Waste (EfW) facility. It was announced by the projects’ joint venture partners that financial close was reached on 11 February 2020.

Located in Leicestershire, the Newhurst project is being developed by Covanta Holding Corporation (Covanta), Biffa plc (Biffa) and Macquarie’s Green Investment Group (GIG). The 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.

Covanta is a world leader in providing sustainable waste and energy solutions, with its existing EFW facilities converting approximately 21mn tons of waste from municipalities and businesses into renewable electricity. Biffa is the UK’s leading sustainable waste management business and operates across the waste management value chain – including the production and sale of recovered commodities such as energy, paper, glass, metals and plastic. Macquarie’s GIG is a specialist in green infrastructure principal investment, project development and delivery, green impact advisory and the management of portfolio assets.

Cornwall Insight provided a comprehensive end-to-end 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.

Dr. Craig Lowrey, Senior Consultant at Cornwall Insight, said:

“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. We are very pleased that the partners will be moving forward with the Newhurst Energy-from-Waste project, and that we were able to use our consultancy and analytical capabilities to support them in this regard.”

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