A total of £110 million financing for the Widnes CHP plant was agreed on November 23, 2014.
The plant is fuelled by wastewood, providing a green source of both thermal and electrical energy. Heat produced by the plant is used to dry further wastewood, which will be sold on to other bioenergy plants in the UK and Ireland.
The plant will be owned and operated by Stobart Group and BWSC. The senior debt was provided by Invstec and EKF, the Danish export credit agency. The Green Investment Bank and Gravis Capital Partners invested at a mezzanine level.
In support of this transaction, Operis were pleased to undertake an audit of the financial model in both senior funder and sponsor cases, alongside a review of the Model’s tax and accounting treatments. Operis also helped to reconcile the model inputs and treatments with key project and financing documents.