On January 15, 2020, a consortium consisting of Belgian Eco Energy (BEE) and Equitix reached financial close on the development and operation of a 19.9 MW biomass to energy plant in Ghent, Belgium known as Gentse Warmte Centrale (GWC).
GWC will process around 150,000 tonnes of waste wood each year to be supplied by Renewi, one of the largest waste collection and recycling companies active in the Benelux region. The main construction contractor will be Elecnor who will be supported by Burmeister & Wain Scandinavian Contractor (BWSC). BWSC will provide the biomass boiler and will also operate the plant under a long-term contract. The project is eligible for subsidy from the Flemish Government in the form of green certificates.
In addition to equity provided by the consortium the project is to be funded by a senior term loan provided by NatWest.
Operis was pleased to build the financial model on behalf of the consortium whilst an independent Operis team provided a model audit on behalf of NatWest.