Ashurst has advised Cory Environmental and Riverside Resource
Recovery Limited (RRRL) in relation to the landmark Riverside
Energy from Waste (EfW) Project in London. The project is a highly
complex and carefully structured deal involving primarily the
development of a large EfW project facility at Belvedere, London,
and the purchase and operation of a fleet of tugs and barges on the
Thames.
The proposed new facility will be London's first river-served EfW
plant and will make a significant contribution to renewable energy.
The project is fully in line with national waste policy as well as
maximising environmental safeguards by recovering energy, and using
the Thames for transport. The project will also involve the
development of a materials recycling facility at Wandsworth for the
storing and recycling of much of West London's waste.
Cory Environmental and RRRL have been pursing this project for well
over ten years and this marks a very important landmark in the
development of these companies. The project has been financed by a
syndicate of banks led by Bank of Ireland and Barclays Capital.
The Ashurst team was led by energy, transport and infrastructure
partners Cameron Smith and
Nick Avery, with counsel Michael Smith, senior associates Nick
Stalbow, Garry Connolly, Hannah Croft and Chris Flynn, associates
Rosie Lord, Benjamin Cootes and Jaskiran Curry, and trainee
solicitor Jonathan Firmston. Real estate advice was provided by
partner Martin Wright with
senior associates James Ross and Rachel Bannikoff.
Cameron Smith commented:
"This project is the culmination of many years' work for the Cory
Environmental and RRRL teams, stretching back over 17 years from
commencement of the planning process. Ashurst is proud to
have advised Cory Environmental and RRRL with this monumental
project, stamping Ashurst as arguably the leading UK firm advising
on waste PFI and merchant waste projects."
Nick Avery commented:
"It is very pleasing to be able to get to close on such a
significant financing against the background of today's difficult
markets. It is a testament to the hard work and expertise of all
involved that we have been able to do so."