Tuesday 11 February 2020

Biffa, Covanta and GIG reach financial close on 42MW waste to energy facility

Joint venture partners Biffa, Covanta Holding Corporation and Macquarie’s Green Investment Group (GIG) have reached financial close on a 42MW energy recovery facility in Leicestershire.

The Newhurst Energy-from-Waste (EfW) facility, expected to cost up to £295 million to build, will be located just off the M1 motorway in the East Midlands and will be able to process up to 350,000 tonnes of non-recyclable waste annually.

It is expected to generate enough electricity to power around 80,000 homes a year.

Biffa will provide 70% of the fuel for the facility from its existing local waste collection services and Covanta will supply technical oversight during construction in addition to operations and maintenance of the facility for an initial 20-year period.

Construction of the facility, which will create more than 300 jobs, is expected to take around 39 months to complete and will be led by Hitachi Zosen Innova.

Biffa has a 50% stake in the project while Covanta and GIG together hold the rest of the interest.

Stephen J. Jones, Covanta CEO and President said: "The Newhurst EfW facility will provide important sustainable waste treatment capacity in the drive to move non-recyclable waste away from landfill and combat climate change.

“Today’s announcement marks our third of four initial development projects to reach financial close with Green Investment Group and our first project with Biffa. Together, we have created a powerful partnership that will provide meaningful returns in our pursuit to protect tomorrow.”