Biffa, Covanta, GIG achieve financial close for 42 MW Newhurst waste-to-energy project in Leicestershire

Joint venture partners Covanta Holding Corporation (Covanta), Biffa plc and Macquarie’s Green Investment Group (GIG), has announced that the 42 MW Newhurst Energy-from-Waste (EfW) facility in Leicestershire, England, has reached financial close.

Covanta, in joint partnership with GIG, will together own 50 percent of the project, while Biffa owning the remaining 50 percent and the primary waste supplier for the project. Covanta will operate the facility under a long-term operations and maintenance agreement.

The facility will use proven technology to provide up to 350,000 tonnes of annual treatment capacity for non-recyclable waste and will also generate up to 42 megawatts of electricity, enough to power around 80,000 homes.

Construction of the facility is expected to take approximately 39 months to complete and will be led by Hitachi Zosen Innova (HZI). Over 300 jobs will be created during the construction period, providing related benefits to the local economy.

Biffa will provide 70 percent of the fuel for the facility from its existing local waste collection services, and Covanta will supply technical oversight during construction in addition to operations and maintenance of the facility for an initial 20-year term.