Project
It involves the processing of residual solids from the McLoughlin Point Wastewater Treatment plant and others in the area, and turn into safe products that can be re-used for energy generation or as fertiliser.
It is part of a business case approved by the CRD that includes the McLoughlin Point Wastewater Treatment plant along with other upgrades to eventually divert untreated sewage currently discharged into the Strait of Juan de Fuca to a secondary treatment.
Operis role
Operis acted as financial advisor to the Hartland Resource Management Group; a consortium made up of Synagro Technologies, Bird Capital and Maple Reinders. The consortium submitted its final bid in November 2017. It was appointed as preferred bidder a month later and then quickly proceeded to financial close in February 2018.
An independent Operis team also acted as the model auditor, and the Tax and Accounting team provide full tax & accounting advice.
Senior Debt Funding
Operis supported the client in running a funding competition to appoint a short term and long term lender to underwrite 100% of the senior debt requirement. Due to the structure of the deal, this was split between long and short term facilities.
Equity Funding
100% of the equity funding was provided by the members of the Hartland Resource Management General Partnership.
Progress
Although the Project reached financial close in February 2018, in December, CDR decided to revise their plan for the section of the residual solids conveyance line running from the wastewater treatment plant at McLoughlin Point in Esquimalt to Hartland Landfill in Saanich, in response to opposition from local residents and official concerned by the loss of their neighbourhood’s character and local ecosystems. By changing the pipeline route, CDR saved 50 trees, including endangered Garry oaks on the east side of Grange Road.
The Facility opened ahead of schedule in late 2020, entering a 20-year operational phase.
