CIP acquired a 50% stake in the project company, Slough Multifuel, from SSE Thermal in April 2020 and the parties have co-developed the project throughout the remaining development phase.
Slough Multifuel, issued notice to proceed on 3 December to EfW EPC specialist Hitachi Zosen Inova. Upon completion of the enabling works, construction will commence early 2021 and take up to four years, with the project expected to reach commercial operations in 2024. Once complete, the plant will be operated by a company in SSE Thermal. The total investment amount will be around £400 million.
Once fully commissioned, the EfW plant will provide a sustainable and environmentally friendly waste management solution for the Greater London area, by processing 480,000 tonnes of residual waste per annum and converting the waste into electricity that displaces electricity generated from fossil fuels. It will also contribute to the UK government’s strategy to reduce the landfilling and export of waste. By utilising residual waste as a renewable energy source, Slough Multifuel will offset more than 147,000 tonnes of CO2 per year and power more than 100,000 homes. Further, the project will bring hundreds of local jobs to the area during construction as well as around 50 permanent jobs in the operations phase.
The Ashurst team was led by partner Nick Stalbow, supported by senior associate Michelle Davenport and associate Caitlin Cook.
The Slough Multifuel EfW project is one of a series of landmark UK waste deals on which Ashurst has advised recently, including advising the sponsors on the Protos Energy from Waste facility (which reached financial close in November 2020), as well as the Newhurst Energy from Waste project (which reached financial close in February 2020).
