Hogan Lovells Advises Veolia on £460 million Waste PFI Project
13 November 2012
LONDON, 13 November 2012 - Hogan Lovells has advised Veolia Environmental Services, the UK's leading recycling and waste management company, on its successful bid for Leeds City Council's waste Private Finance Initiative (PFI) Project. The 25-year contract, worth an estimated £460 million, was signed on 7 November and is the latest in a series of PFI projects on which Hogan Lovells has acted for Veolia.
The project includes the design, construction and operation of a high-tech waste recycling and energy recovery facility that will contribute to the local economy through the creation of 300 jobs during construction and 45 permanent positions. The energy recovery facility will generate around 11.6 MW of electricity for the national electricity network, sufficient to power 20,000 homes from the remaining residual waste. It is also proposed to explore the development of a cogeneration plant with the potential to supply heat to local users. The project will save Leeds City Council £200 million in waste disposal costs during the life of the contract.
The Hogan Lovells team advising Veolia was led by Infrastructure and Project Finance partner Scott Tindall, with support from Alex Harrison, Alistair Cowling, Hugo Lidbetter and Rachel Candler.
Commenting on the bid, Scott Tindall said:
"We are delighted to have advised Veolia on yet another successful PFI project. It has been great working with them for the past 10 years or so and we look forward to helping them to expand their already significant portfolio of projects and to explore new opportunities in the future – both in the UK and overseas. For Hogan Lovells, this latest deal is further evidence of the strength of our infrastructure and renewable energy practices, both of which are extremely important parts of our business."
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