The Riverside Resource Recovery Facility is to be the first of its kind in London. It will be situated in Bexley and will process approximately 585,000 tonnes of waste, most of which will be transported along the river, arriving from several London boroughs. The waste combustion will produce 72MW of energy, enough to power 60,000 homes.
This £400 million project hopes to serve a number of environmental directives. For example by incinerating the waste to ash, the use of landfill is significantly reduced and by using river barges to carry waste, rather than higher polluting lorries, fuel emissions are reduced.
Riverside Resource Recovery Limited and Cory Environmental Ltd have successfully worked together for ten years with the Western Riverside Waste Authority on the Thames Riverside Energy from Waste Project.
The funders, Bank of Ireland and Barclays Capital, will together make available a £430 million term loan facility, £25 million contingency facility, and a £10 million change-in-law facility. Cory themselves will provide £105 million of equity to help pay for capital costs.
PricewaterhouseCoopers acted as financial advisors to Cory and undertook the financial modelling. Operis provided the service of auditing the financial model and financial close took place on 31 July 2008.
