New Earth Solutions Group further funding success
New Earth Solutions Group has achieved financial close on two projects with approaching £20 million of investment, including circa £13.5 million of senior debt provided by Norddeutsche Landesbank (NORD/LB).
Cotesbach waste treatment facility
New Earth has achieved financial close on its latest Mechanical and Biological Treatment (MBT) facility at Lutterworth in Leicestershire, which will become the company’s fourth operational site. The 50,000 tonnes per annum facility will be constructed at the existing Lafarge Aggregates Cotesbach landfill site.
Developed through a partnership between New Earth and Lafarge Aggregates, the facility is underpinned by a waste treatment contract with Leicestershire County Council that runs until March 2015 with options to extend. The facility will assist the Council to meet its landfill diversion targets under the Landfill Allowance Trading Scheme.
New Earth has secured planning permission for the facility and is awaiting issue of an environmental permit. Construction works have commenced to enable waste to be accepted from Autumn 2010.
The site will receive residual municipal solid waste that will be passed through mechanical screening and sorting processes to extract recyclables and separate the mixed waste. The biodegradable fractions will undergo biological treatment to prepare a compost-like output which can be applied to land for beneficial purposes such as landfill restoration or brown-field remediation.
Sharpness waste treatment facility
New Earth has also completed the refinancing of its Sharpness waste treatment facility in Gloucestershire.
New Earth acquired the Sharpness Dock in-vessel composting facility in February 2009. It has an operating capacity of 48,000 tonnes per annum and processes biodegradable waste on behalf of municipal and commercial customers.
Since acquiring the facility New Earth has added substantial value to the site through contracting long-term waste streams and implementing operational improvements. Chris Cox, Managing Director of New Earth Solutions Group, said “New Earth continues to grow successfully with new facility developments in challenging financial markets. Our proven waste treatment technology, underpinned by local authority contracts, is an attractive proposition for funders. This is another important milestone towards our ambitious growth plans for the Group.”