(Alliance News) - Biffa PLC on Tuesday said it reached financial close on a waste-to-energy plant in Chesire, UK, with joint-venture partners Covanta Holding Corp.
The Protos Energy-from-Waste facility is located near the Ellesmere Port. Biffa lauded it as a "significant addition to the UK's waste management infrastructure".
"It supports the government's drive to both reduce reliance on landfill and treat more non-recyclable waste at home, decreasing the UK's dependence on export," the FTSE 250-listed firm said.
"The facility will provide 400,000 tonnes of annual treatment capacity for non-recyclable household and Industrial & Commercial waste and will also be capable of generating 49 megawatts of low carbon electricity, enough to power around 90,000 homes."
The total construction cost of the project will be between GBP345 million and GBP355 million and Biffa will own a 25% stake.
"Biffa's financial commitment to the project will amount to GBP35 million, which will be invested over the coming three years from existing facilities," the company added.
Biffa shares were 1.1% higher at 227.50 pence each in London on Tuesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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