Ferrovial, through Amey, has achieved the financial and commercial close of the contract for the Isle of Wight's waste collection and treatment services concession, UK.

The 25 year concession starting in November this year replaces the existing, which expires in October this year and has been operated by Island Waste Services since 1997.

The concession, which is worth £225 million (€341.3 million), includes collecting and processing domestic waste and recyclable material, managing recycling centres and bottle banks, and providing waste reuse services on the island, with a population over 140,000 people.

Although councillors voted to award Amey the contract in July, the finalisation of documents and required legal processes meant the paperwork could not be signed until 30 September.

With this now complete, final preparations are taking place ahead of Amey running collection services from 1 November.

Councillor Luisa Hillard, Executive member for sustainability, stated:

"The signing of this contract is the culmination of four years of hard work by officers and I share their optimism that this will be a positive, 25 year legacy for the Island. I know that some residents have been worried about what the changes might be, but for now keep putting out your black bags, recycling and food caddies just like normal."

Amey's managing director for local government, Nick Gregg, commented:

"We are looking forward to building a long-term partnership with the council and Islanders. Our team on the Island will be aiming to deliver waste and environmental services which meet the needs of residents, businesses and tourists, as well as provide value for money for the council. The Isle of Wight is a unique environment and we will be helping to keep it that way through improved waste collections and investment in proposed new treatment facilities."

The project will attach great importance to recycling and reuse: by 2020, 90% of waste will be diverted from landfills through reuse, recycling or composting. To achieve this objective, Amey will upgrade the island's existing waste management and processing infrastructure.