Energy consultancy Cornwall Insight has provided power purchase agreement (PPA) market testing and tendering support for a 42MW energy-from-waste (EfW) plant in the UK.
The Newhurst EfW project, located in Leicestershire, is being developed by Covanta, Biffa and Macquarie’s Green Investment Group (GIG). The project achieved financial close on 11 February.
Commercial operation is slated for 2023.
The facility will provide up to 350,000 tonnes of annual treatment capacity for non-recyclable waste as well as generate 42MW of electricity a year.
Covanta’s existing EfW facilities convert approximately 21 million tonnes of waste from municipalities and businesses into renewable electricity.
Cornwall Insight provided a “comprehensive end-to-end PPA tender support service” to the project partners to support the investment, including developing the PPA tender criteria, managing all aspects of the tender process, commercial and contractual assessment of the PPA offers, and the provision of ongoing support throughout the contract negotiation process to the partners and their advisors.
Cornwall Insight senior consultant Craig Lowrey said: “We are delighted to have played a key role in supporting this investment by Covanta, Biffa and GIG.
“Our participation allowed Cornwall Insight to apply and build upon its long-standing and in-depth PPA knowledge – as well our capability to successfully support key investments that will play an important role in the pursuit of the UK’s low-carbon goals.”
He added: “We are very pleased that the partners will be moving forward with the Newhurst project, and that we were able to use our consultancy and analytical capabilities to support them in this regard.”