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Ashurst advised Wheelabrator Technologies on a new loan financing supporting the construction of the Ferrybridge Multifuel 2 energy-from-waste facility in West Yorkshire, the second project in the Multifuel Energy Ltd. partnership with SSE.

Progress to reach financial close on Wheelabrator Technologies’ £207 million share of the Ferrybridge Multifuel 2 construction project follows the award of planning consent by the Secretary of State in October 2015 with an environmental permit being granted by the Environment Agency one month later. Fuel for the Ferrybridge Multifuel 2 facility will be supplied by a number of major waste management companies through long-term fixed price contracts.

A 5-year term loan is being provided by the Green Investment Bank, MUFG, CA-CIB, Sabadell, Siemens and Investec. Wheelabrator was advised by MUFG.

This complex transaction involved a cross-departmental Ashurst team advising on both the loan facilities made available to Wheelabrator Ferrybridge Limited and on Wheelabrator Technologies’ joint venture arrangements with SSE.  

The Ashurst team was led by banking partner Nigel Ward, assisted by senior associate Laura Ho and associate Byron Nicol. Corporate projects partner Jan Sanders worked with colleagues Gaby Jones, Luiza Wojciszke, Shanice McAnuff, Demi Pham and Harry McConnell on the joint venture aspects of the transaction. Partner Alexander Cox provided tax advice, and real estate associates David Razzell and Sophie Pickering assisted on the real estate aspects.

Ferrybridge Multifuel 2 is Wheelabrator Technologies’ third investment in UK energy-from-waste (EfW) projects in the last 18 months.  Ashurst also represented Wheelabrator Technologies in relation to its first two UK EfW projects at Kemsley in Kent and Flintshire in North Wales.

 

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