Its business plan outlines the ways in which the board proposes to provide financial support to projects that meet its strategic requirements and highlights plans for brokerage and project development support.
As reported on www.mrw.co.uk earlier this week LWarB has issued a final call for infrastructure funding bids, as it looks to provide financial support to up to 20 projects that will aid in plugging the identified capacity gap between required waste treatment infrastructure and the known projects under development. This will be in accordance with the Mayor of London’s Draft Municipal Waste Strategy.
Talking to MRW at the official launch of the business plan, LWaRB chief operating officer Andy Holdcroft said: “I think one of the key things with this year’s business plan is focus. Last year it was a bit vague but we have spent the last year working on it and we now have much more of a focus.”
The board has already received 209 expressions of interest for funding from projects that have all progressed through at least one stage of its detailed evaluation process.
However, they are keen to ensure they get the right kind of projects which are at an advanced enough stage.
Holdcroft explained: “I know the hurdles and the issues that some infrastructure projects can face. But given that our fund lifetime is only three years we need to ensure we select the more advanced projects to ensure they are delivered within this time frame.
“Getting project sponsors to allow private equity to come in on their projects is also going to be key to enabling projects to get the funding they need. I know myself that people can get very protective of their projects and are reluctant to enter in to private equity agreements but sometimes, it is the only way. Baking a pie and having part of it is better than not having a pie at all.”
LWaRB aims to identify 20 different various projects around London on the understanding that half of these may never reach financial close.
As well as all the information surrounding the funding of potential projects another key element of the plan is LWaRB’s introduction of a formal brokerage and project development support system and a London waste mapping facility which will all be online from June and September respectively.
The brokerage facility will work as an online matching service enabling applicants to register their offering and network with others who may offer a complimentary service or facility.
LWaRB is working with the London Development Agency to develop a London-wide Geographic Information System map of London’s waste management infrastructure, and through opportunity and constraints mapping, identify those areas that are most appropriate for future development.