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MRW - Materials Recycling World - EMAP Publishing Limited Company

Manchester waste PFI to get GBP 200m from European Investment Bank

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Source: Materials Recycling Week

The European Investment Bank is lending GBP 200 million to the Greater Manchester Waste Disposal Authority to secure its multi-million pound private finance initiative deal with Viridor/Laing.

News of the funding was reported by Project Finance, which also said the four commercial banks backing the £750 million deal had received credit committee approval.

Under the agreement, Bank of Ireland, Lloyds TSB, BBVA and SMBC will provide the remaining £400 million, it said.

Deal close had been expected before the New Year when GMWDA announced it was close to sign-off. But the contract remains unsigned.

Commenting on suggestions that the deal’s value had increased GMWDA chairman Neil Swannick said: “The final value of the deal will be confirmed as the deal is struck on the day of deal close. The final figure will be affected by inflation, exchange rates and future interest rates.”

He added that he hoped to close the deal in the near future.

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