MAJOR WASTE PFI CONTRACT MOVES MUCH CLOSER
Greater Manchester Waste Disposal Authority today announced further progress to its 25 year waste PFI that will see a major capital investment by a consortium headed by preferred bidder, Viridor Waste Management and John Laing Investments (Viridor Laing), to provide an innovative solution to deal with nearly 1.4m tonnes per annum of Greater Manchester’s waste in a world class and sustainable way.
Agreement has been reached with Viridor Laing on all major commercial principles. To allow for the conclusion by Viridor Laing of its financial and contractual arrangements, the Authority has a commitment to a timetable by Viridor Laing designed to achieve financial close by 6th June 2008.
Excellent progress continues to be made on obtaining planning approvals to implement the project and the decision of the Minister in respect of the Runcorn thermal power station is awaited.
Councillor Neil Swannick, Chair of the Authority commented: “Although the Authority is disappointed to not yet have commenced the new contract we are very pleased with the continued progress being made and believe that we will be in a good position to sign the contract early next month”.
Councillor Michael Young, Vice Chair of the Authority added “We now have firmly in our grasp an excellent solution for dealing with our waste, and a very clear timetable that funders consider is deliverable in order to achieve financial close by early June”.
Mike Hellings, Managing Director of Viridor Waste Management said:
“Viridor Laing is satisfied that good headway is being made with the completion of the project agreement and the excellent planning results. We share the GMWDA’s disappointment not to be commencing operations in May as anticipated and remain fully committed to achieving full contractual close on June 6th.”
NOTES FOR EDITORS
The Greater Manchester Waste Disposal Authority (GMWDA) is the largest of six English waste disposal authorities that were created under the Local Government Act 1985 to carry out the waste management functions and duties of the Metropolitan County Councils after their abolition in 1986.
GMWDA provides waste disposal services for over 958,000 households in Bolton, Bury, Manchester City, Oldham, Rochdale, Salford, Stockport, Tameside and Trafford.
For further information please call Anna Figgins-Barrett, Communications Manager on 0161 770 1721.