Shakespeare Martineau complete refinancing deal
Shakespeare Martineau LLP acted for Western Riverside Waste Authority (WRWA) on the £520m refinancing of Cory Riverside’s Energy from Waste (EfW) facility in Belvedere, East London, the largest operating EfW facility in the UK.
The existing senior term debt was refinanced with a £420.5m multi-tranche senior facility and a £98m junior facility. The refinancing (which closed on 28 March 2017) ran parallel to a corporate restructuring of the Cory Riverside group which added complexity to the transaction and necessitated consequential amendments to WRWA’s contract with Cory and a review of the direct agreement with Cory Riverside’s new funders.
Riverside is supplied mainly by barges delivering waste from transfer sites along the Thames, with a capacity to treat 750,000 tonnes of residual waste per year. A significant proportion of the waste comes from WRWA (which comprises the boroughs of Hammersmith & Fulham, Kensington & Chelsea, Wandsworth and Lambeth), with the facility also taking waste from the London Borough of Bexley, the City of London and private sector commercial/industrial customers.
WRWA’s contract with Cory started in 2002 and was revised in 2008 to accommodate the financing of the Belvedere EfW facility on hybrid PPP/PFI terms, with WRWA acting as its cornerstone supplier. The EfW facility has thermally treated WRWA’s waste without interruption since it opened in 2012.
The Shakespeare Martineau team was led by John Chandler
, a partner in the Energy & Projects team. He said:
"Shakespeare Martineau has acted for Western Riverside Waste Authority for a number of years and we are delighted to have been able to assist. It is a testament to all those involved that everything went so smoothly given the non-standard nature and extent of the Authority's involvement in the energy from waste project."