The £280m Cumbria Waste PFI reached financial close on 4 June 2009.
Waste management firm Shanks was appointed preferred bidder to the project in November 2006. The project will see Shanks develop and manage new waste and recycling facilities, employing its proven Intelligent Transfer Station Mechanical Biological Treatment technology used in waste facilities across Europe and the UK to maximise the amount of material diverted from landfills to meet and exceed Government targets.
The project is a 25-year concession and construction is expected to take four years. Barclays, NIBC and SMBC provided the financing for the project.
Operis conducted financial model auditing services and a full tax and accounting review on behalf of the funders and sponsors.