EPC contractor ACCIONA selected with construction commencing this month
LONDON, Nov. 16, 2021 /PRNewswire/ -- enfinium today reached financial close on a new 395,000 tonnes per annum waste-to-energy facility in West Bromwich, Midlands.
enfinium Kelvin is a combined heat and power facility which will be capable of processing up to 395,000 tonnes of residual (post-recycled) waste to generate 47MW (gross) of partially renewable, baseload electricity to power the needs of more than 95,000 U.K. homes. enfinium Kelvin will create more than 400 jobs during construction and over 40 full-time jobs, once operational, bringing significant economic benefit and investment to the local area.
"Today marks a milestone for the project and a huge step forward to providing capacity for the safe and reliable treatment of waste that cannot be reduced, reused or recycled in the U.K. I'm incredibly proud of our team and our partners who have worked tirelessly and safely throughout coronavirus to make a difference today to deliver a cleaner tomorrow. This comes on the back of the successful financial close in July of the enfinium Skelton Grange facility in Leeds, West Yorkshire", said Chief Executive Officer Julia Watsford.
Progress to reach financial close follows planning permission by Sandwell Council in September 2019 and the award of an Environmental Permit by the Environment Agency in July 2019. In January, enfinium Kelvin signed a long-term waste supply contract for over 50% of the facility's annual capacity with SUEZ. Further long-term waste supply contracts have been signed with Biffa and B&M Waste in October 2021.
ACCIONA has been named the Engineering, Procurement and Construction (EPC) contractor for the delivery of the facility and have taken responsibility for the site.
enfinium is the largest pure play waste-to-energy business in the U.K. and is a developer, owner and operator of seven strategically located waste-to-energy facilities in operation, construction or advanced development. enfinium is an integral part of the U.K.'s environmental infrastructure, diverting waste that cannot be reduced, reused or recycled from landfills and export, and providing residents and businesses with local, sustainable waste treatment solutions, converting residual waste into heat and partially renewable power.
"We remain fully committed to supporting and investing in the green recovery in the U.K. and developing regional combined heat and power waste-to-energy capacity. We are excited to welcome our sixth facility to our fleet and look forward to working with ACCIONA to commence construction this month" Julia Watsford said.
Hamish Lea-Wilson, Partner at FSI, said: "We are delighted with the successful closing of this transaction which further strengthens enfinium's standing as the largest pure play waste-to-energy operator in the UK. This development is in line with our commitment to growing the enfinium platform and to invest in critical infrastructure assets that support transition to a circular economy."
enfinium was advised by MUFG, Ashurst and Pinsent Masons. MUFG, Santander, Natixis, CA-CIB, NatWest and ABN Amro are lenders to the Kelvin project and were advised by Linklaters.
Notes to editor:
About enfinium
enfinium is the largest pure play waste-to-energy business in the U.K. and is an industry leader in the conversion of non-recyclable residential and business waste into heat and partially renewable power. enfinium currently has a platform of seven (two in construction and one under advanced development) strategically located facilities across the U.K. Today, enfinium has an annual waste processing capacity of over 2.3 million tonnes, and a total combined electric generating capacity of 247MW (gross) - enough energy to power more than 500,000 U.K. homes. The vision "Make a difference today to deliver a cleaner tomorrow" speaks to the company's ongoing commitment to the development of clean and renewable energy solutions for its customers and local communities. For more on enfinium, please visit www.enfinium.co.uk.
About First Sentier Investors
First Sentier Investors are stewards of over €130 billion in assets managed on behalf of a client base that extends across Asia, Australasia, Europe and North America. With more than twenty years' experience in infrastructure investment, it is one of the longest established managers of infrastructure assets on behalf of institutional investors and currently manages approximately €12.0 billion of equity invested across assets in the utility, transport and energy infrastructure sectors in Europe, Australia and North America. FSI operates as a standalone business owned by the Mitsubishi UFJ Trust and Banking Corporation, a wholly-owned subsidiary of Mitsubishi UFJ Financial Group, Inc.
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