Lovells

Lovells has advised Bank of Ireland and Barclays Capital, the mandated lead arrangers for the banks providing finance for the Riverside Energy from Waste (EfW) project.  The plant, which will make a significant contribution to renewable energy, will be the first river-served EfW project in London.  The deal completed on 31 July 2008.  

The funding was provided to Cory Environmental's waste management company Riverside Resource Recovery Limited, enabling the construction phase of the project to begin.  The plant will process an average of 585,000 tonnes of waste a year, generating 72 MW of electricity - enough to supply 66,000 homes.  This is a landmark deal which has been in the planning for some seventeen years.  The deal is valued at over £570 million, with an initial construction cost of £350 million.  

The Lovells team comprised of Scott Tindall (Projects and Infrastructure), Andrew Welbourn* and Emma Clarke (Banking and Finance).  Assistance was provided by Jeremy Brittenden*, Alex Harrison, Ajoy Bose-Mallick, Rosemary Miller and Jennifer Paynter.  Further support was provided by the Lovells real estate team, led by partner Gill McGreevy* with assistance from Stella Bliss, Judith Reynolds and Claire Fallows.   

Speaking today, Scott Tindall said:        

"We are delighted to have been involved in this important transaction, which has taken over 15 years and a huge amount of effort to come to fruition.  The unusual financing structure used for the deal and the complexity of the contracts required to deliver the project meant that concluding a deal was challenging for all parties concerned.  However, these challenges made working on the transaction all the more rewarding.  We are very much looking forward to working with Bank of Ireland, Barclays Capital and Cory again in the future."  

Partner Andrew Welbourn added:   

"This deal represents another example of the high quality work that we are undertaking for clients in this strategically important sector.  It follows on from the Lancashire County Council Waste PFI project and the Shropshire County Council waste PFI project, both of which closed last year and which serve to highlight the excellent credentials that Lovells has in this sector.  It also demonstrates the strength and depth that we have in this important part of our practice.          

I'm extremely proud of the Lovells team involved in this deal and am delighted with the job done in bringing this ground-breaking transaction to a successful conclusion."    

Cory Environmental Limited and Riverside Resource Recovery Limited were advised by Ashurst.

About Lovells  

With over 3,000 people operating from 26 offices in Asia, Europe and the United States, Lovells is one of the world's leading international law firms. We advise many of the world's largest corporations, financial institutions and governmental organisations.  We regularly act on complex, multi jurisdictional transactions as well as some of the most high profile commercial disputes.  Lovells (the "firm") is an international legal practice comprising Lovells LLP and its affiliated businesses.  Lovells LLP is a limited liability partnership registered in England and Wales with registered number OC323639.  Registered office and principal place of business: Atlantic House, Holborn Viaduct, London EC1A 2FG.  

The word "partner" is used to refer to a member of Lovells LLP, or an employee or consultant with equivalent standing and qualifications, and to a partner, member, employee or consultant in any of its affiliated businesses who has equivalent standing.  

www.lovells.com