The project will be developed by the consortium made up of Urbaser (ACS group) and Balfour Beatty. The new facility was expected to be operational in 2016 with operations running for 25 years but it was blocked by the county council. The joint venture appealed against the decision and Pickles overruled the council, giving the scheme permission to proceed.
The project involves the development of a waste to energy facility at Javelin Park near Haresfield, which will have the capacity to process 190,000 tonnes of waste per year. The incinerator will treat over 92% of the county's waste that would go to landfill. The new facilities will generate enough electricity to power 26,000 homes.
The total project investment is estimated at around £500 million (US$757.8 million). The lenders included SMBC, Nord LB and Bayern LB. Operis provided model auditing services and a tax and accounting review. The team achieved financial closure on February 22nd 2013.
Javier Peiro, project director for Urbaser Balfour Beatty, stated:
"We will be working with Gloucestershire County Council to make sure the project brings as many opportunities for the local people and the economy as possible and make a positive contribution to the effects of climate change."