We are pleased to report that financial close was achieved this afternoon on the GMWDA waste transaction. This is a large and complex £800m deal which includes both a waste management contract and a thermal power project in 2 special purpose companies. As funding conditions are extremely challenging at present, the European PPP market has been carefully tracking this landmark deal, to assess the availability and pricing of capital going forward, therefore Operis is very pleased to announce financial close and swaps were finally transacted today.

Operis was appointed to provide due diligence advice to funders on the 3 financial models for this significant PFI waste transaction. The sponsors are Ineos Chlor, Laing and Viridor, and the senior debt providers Bank of Ireland, SMBC, BBVA, Lloyds TSB, EIB, and HM Treasury. The Authority has also provided capital on this large transaction.

This transaction is the first where the bulk of finance was sourced both from the EIB and the new HM Treasury funding unit, which was established just a few weeks ago. Operis is proud to have advised on this transaction, which required very detailed and complex analysis, tax advice, and contractual precision, backed by financial strength.

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Erwan Fournis
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Erwan Fournis
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