Hogan Lovells Advises Veolia on Hertfordshire Waste PFI Project
09 August 2011
LONDON, 9 August 2011 - Hogan Lovells has advised Veolia Environmental Services, the UK's leading recycling and waste management company, on its successful bid for Hertfordshire County Council's 25 year waste PFI Project. The contract achieved financial close on 27 July 2011 and is the latest in a series of PFIs on which Hogan Lovells has acted for Veolia.
The 25 year contract will save the County Council at least £779m on the cost of waste disposal via a proposed new waste treatment facility. The front-end mechanical pre-treatment operation will extract around 28,000 tonnes of recyclable materials providing a beneficial boost to recycling rates whilst the remaining residual waste will be processed using energy recovery technology. The facility will provide some 26MW of electricity to the National Grid, with the further potential to distribute heat locally.
Veolia has appointed Vinci Construction UK (a subsidiary of Vinci PLC) to construct the recycling and energy recovery facility subject to the required planning and regulatory permissions being gained.
The Hogan Lovells team was led by recently-promoted Infrastructure and Project Finance partner Scott Tindall, with support from senior associate Alex Harrison. The rest of the Hogan Lovells team comprised Alistair Cowling, Thea Connolly and Vanessa Medina (Infrastructure and Project Finance), Claire Dutch and Victoria Du Croz (Planning), Gill McGreevy (Real Estate) and Charles Brasted (UK and EU Public Law and Policy).
Speaking after the deal signed, Scott Tindall said:
"This latest contract is further evidence of the continuing strength of our infrastructure practice in the UK and the quality of our waste management and energy from waste credentials. The fact that we were able to conclude the contract in less than 3 months from Veolia being appointed as the preferred bidder is an incredible achievement and is testament to the pragmatism, dedication and experience of the entire team. It has been a pleasure to work with Veolia on another strategically important transaction and we are already looking forward to the next contract."
Global Head of Hogan Lovells' Infrastructure and Project Finance practice Adrian Walker added:
"This contract is yet another example of the high quality work that we are doing in this sector. Our energy from waste team has spent many years working with Veolia on a huge number of projects in the UK and this latest success just goes to show the strength and depth of the relationship we have with them."
Hertfordshire County Council was advised by Sharpe Pritchard.
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