Manchester Close To Landing £700m Energy-From-Waste Project

The largest energy-from-waste project of its kind is close to being a go in Manchester. People who have been working on this project are close to putting the final financing agreements on the deal. Some sources even expect some kind of announcement later this week.

Many companies are placing a lot of funds into this project, including four banks (The Bank of Ireland, Sumitomon Mitsui, Lloyds, and BBVA), which are contributing the majority of the funds. European Investment Bank and Greater Manchester Waste Disposal Authority are also lending money to aid this project.

If the project gets the green light, the energy-from-waste scheme will be run by Viridor, which is the waste management team of Pennon utility group. This team will also be working in joint operations with Laing. These two groups will have a 25 year concession, which they hope will make more than £3 billion in turnover throughout the life of the deal.

After the project gets up and running, more than 1.3 million tons of waste will be processed every year. Some of this energy that is processed from the waste will be used as fuel for a power station located right in Manchester. This specially built power station will be operated and built by Ineos, which is a private chemicals group.

Of course, experts point out that this energy-from-waste scheme will not just help out Manchester. By removing 1.3 million tons of waste every year, this project is helping to give the UK a greener feature and help with the ever growing energy problems.