Wheelabrator reaches financial close on Ferrybridge Multifuel 2 project
LONDON, ENGLAND — September 7, 2017 — Wheelabrator Technologies has reached financial close on the 675,000 tonnes per year (744,000 tons per year) Ferrybridge Multifuel 2 energy-from-waste facility in West Yorkshire, the second project in the Multifuel Energy Ltd. (MEL) partnership with SSE.
“This financial close is another major milestone for our 50:50 joint venture partnership with SSE to build and operate new energy-from-waste projects,” said Wheelabrator President and CEO Robert Boucher. “We look forward to a long-term partnership with SSE and remain committed to investing in new long-term waste infrastructure across the UK, providing local and regional solutions to waste management and clean energy generation.”
Ferrybridge Multifuel 2 is an energy-from-waste facility that will generate ~ 70 MW (net) of clean, sustainable electricity to power UK homes and business. The first project in the MEL partnership, Ferrybridge Multifuel 1, a 675,000 tonnes per year (744,000 tons per year) energy-from-waste facility co-located in West Yorkshire, has been operational since 2015.
Progress to reach financial close on Wheelabrator’s £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.
Construction on Ferrybridge Multifuel 2 commenced in August 2016 and plant operations are expected to begin in Q3 2019. Now, one year into its three-year construction phase, the facility is creating hundreds of additional jobs in the local area and dozens of local supply chain opportunities. Once operational, the facility is expected to create 47 new, full-time operational roles.
SSE’s Director of Business Development Sandy Honeyman said, “Following the successful working partnership between SSE and Wheelabrator Technologies on the Ferrybridge Multifuel 1 project, we welcome the opportunity to continue the partnership and complete construction of the Ferrybridge Multifuel 2 project, which has progressed well over the past 12 months.”
Energy-from-waste is recognized for its important value in reducing Greenhouse Gas emissions through landfill methane avoidance, fossil fuel generation displacement and recycling of metals, as well as a vital contributor to sound local sustainable solid waste management.
Wheelabrator is the second largest US energy-from-waste business, and is an industry leader in the conversion of everyday residential and business waste into clean energy. Wheelabrator has a platform of 23 power-producing assets across the US and UK —19 energy-from-waste facilities (three under construction), four independent power plants as well as four ash monofills and three transfer stations.
Wheelabrator currently has an annual waste processing capacity of over 6.8 million tonnes (7.5 million US tons), and a total combined electric generating capacity of 853 megawatts—enough energy to power more than 805,000 homes. Wheelabrator also recovers metals for recycling into commercial products. The company’s vision To develop, deliver and realize the potential of clean energy speaks to Wheelabrator’s ongoing commitment to the development of clean energy solutions for its customers and local communities.
Wheelabrator is owned by Energy Capital Partners, an energy infrastructure-focused private equity firm. For more on Energy Capital Partners, please visit www.ecpartners.com. For more on Wheelabrator, please visit www.wtienergy.co.uk.
SSE plc is one of the UK’s leading energy companies, involved in the generation, distribution and supply of electricity and in the extraction, storage, distribution and supply of gas. Its core purpose is to provide the energy people need in a reliable and sustainable way. It supplies energy to around 7.77 million energy customer accounts throughout Great Britain and Ireland, is frequently ranked number one for customer service and is the UK’s leading generator of electricity from renewable sources. It became a Living Wage employer in September 2013 and was accredited with the Fair Tax Mark in October 2014.
Financial Close - Project partners, financing and legal support:
Banks: 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.
Legal: Wheelabrator was advised by Ashurst, whilst Linklaters acted as legal advisors to the Banks.
Notes to editor:
•For more information about Wheelabrator Technologies in the UK, please contact David Spencer +44 (0)7788 311 972 / firstname.lastname@example.org, or for US enquiries, please contact Michelle Nadeau (001) 603 929 3458 / email@example.com.
•A high resolution image showing the latest construction progress on the Ferrybridge Multifuel 2 facility is attached to the media release. Other images of the Ferrybridge Multifuel 1 and 2 facilities are available upon request.