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Shakespeare Martineau brokers nine-figure refinancing deal at Belvedere waste facility

The massive £520m refinancing deal of the UK’s largest Energy from Waste (EfW) facility which completed recently was brokered by London law firm Shakespeare Martineau it can be revealed.

The agreement saw the law firm acting on behalf of Western Riverside Waste Authority (WRWA) on the nine-figure refinancing of Cory Riverside’s Energy from Waste facility, which is located in Belvedere in East London.

As part of the agreement, which closed on 28 March, the facility’s existing senior term debt was financed owing to a significant corporate restructuring of the Cory Riverside Group which necessitated amendments to the WRWA’s contract with Cory.

The contract itself has run since 2002, with the Belvedere facility opening in 2012 where it thermally treats waste product delivered via barge from sites along the Thames.

The facility itself has the capacity to treat 750,000 tonnes of waste per year, with a large proportion of this coming from WRWA’s boroughs including Hammersmith and Fulham, Kensington and Chelsea, Wandsworth and Lambeth.

Following completion of the new deal, Cory Riverside can now call upon a £420.5m multi-tranche senior debt facility along with a £98m junior facility.

John Chandler, who is a partner at the firm’s Energy & Projects team and led the team negotiation the new arrangement, 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.”

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