LAWFUEL – Legal News Network – Allen & Overy LLP today confirmed the Cornwall Waste PFI scheme achieved financial close, on which it advised the preferred bidder, SITA UK.
The Cornwall scheme is the official pathfinder project for waste PFI deals and both DEFRA and PUK have been keeping a close watching brief on the scheme since it came to the market. The scheme involves the construction of a new energy from waste plant and the acquisition of the business of Cornwall Environmental Services Limited from Cornwall County Council.
“It has taken a long time for PFI stalwarts to realise that closing a waste PFI is not just a case of replicating the well-trodden accommodation PFI model in another sector. These projects are inherently complex and require specialist advice in a significant number of areas, that are unique to the waste sector. This project would not have achieved financial close without the expert knowledge and input of both SITA UK and RBS,” said Andrew Castle, partner in Allen & Overy’s Global Infrastructure Group.
Allen & Overy is also acting for SITA UK on the Northumberland waste PFI scheme, which is scheduled to close later this year. These projects paves the way for billions of pounds in waste treatment infrastructure development as central and local government meet the challenge of fulfilling their obligations under the EU landfill directive.
The Allen & Overy team was led by Infrastructure partner Andrew Castle, assisted by Infrastructure partners Nigel Pritchard (construction), Matt Townsend (environmental) and Keith McGuire (M&A) and infrastructure associates Lorraine Ball, Mark Godfrey, Troy McElvie, Nick Robinson, James Keeping and Ben Higson.
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