A multi-disciplinary team from Burges Salmon, led by Banking partner Rachael Ruane, has advised New Earth Solutions Group Ltd on the refinancing of its 13MW Avonmouth Energy Recovery Facility.
In 2011, the firm advised New Earth in relation to raising finance for the mechanical biological treatment waste sorting facility on the adjacent site. The new plant uses a refuse derived fuel produced by the original site and is the first of a kind using pyrolysis and gasification equipment. The electrical output is up to 13MW, 12MW of which is exported, with 1MW provided under a private wire arrangement back to the waste sorting facility.
The Banking team advised on a senior facility agreement from Macquarie Bank and related security package. The firm’s Energy and Construction teams advised on the project documents and the amendments necessary to meet the funder's requirements. The Corporate team advised in relation to the shareholder consents required in relation to the repayment of existing funding.
Rachael Ruane said: “We assembled a multi-disciplinary team to advise our long-standing client New Earth on a wide range of elements associated with bringing this deal to fruition. This included providing expertise on project finance, renewable energy, construction and power offtake.”