Waste & Renewables
|Project||Client||Project Capex (£m)||Financial Close|
|Andover Solar Portfolio||Statkraft||17.1||January 2017|
In January 2017, Equitix acquired an operational, ground-mounted, solar PV asset consisting of 153,792 solar panels in Andover. The project has a total capacity of 40 MW and is accredited with 1.3 ROCs. It was constructed in early 2016 and energised in March and has performed well since construction, generating £3 million in revenues in its first seven months of operation. The project carries a long-term 20-year Power Price Agreement with Statkraft – the best-known PPA counterparty in the UK with a credit rating of A- (S&P).
|Lincolnshire Onshore Wind||National Grid||21.6||December 2016|
In December 2016, Equitix acquired an operational windfarm at Gayton Le Marsh in Lincolnshire, England: a levered asset with 0.9 ROC accreditation. The windfarm has a total installed capacity of 16.4MW and the PPA commits to buying the entire power output from the wind farm for a period of 15 years and 3 months. The power price will be increased monthly in line with the UK Retail Price Index, subject to a maximum increase of 3% per annum and the Integrated Service Provider guarantees availability of 97% for the full length of the contract.
|Coral Wind Portfolio||E.On & Good Energy||14.6||December 2016|
In December 2016, Equitix acquired a 100% stake in a portfolio of five 0.5 MW onshore wind assets in the UK. The turbines are located in Devon, Nottinghamshire, Aberdeenshire and Burnley and benefit from feed in tariff revenues – fixed real payments for each KWh of electricity provided over a 20-year period. All five assets feature a standard Turbine Supply Agreement, and O&M contract with Emergya Wind Technologies. The turbines each have a defects liability period of two years and a turbine power curve that is also warranted for two years at 95% of the rated power curve. All lifecycle risk has been passed to the O&M contractor for the 15-year term of the contract.
|Equitix UK Solar I||National Grid||23||June 2016|
In June 2016 Equitix acquired a portfolio of four 5MW, operational UK solar PV assets based in Derbyshire, Devon, Nottinghamshire and Northamptonshire. The solar PV units, manufactured by Renesola and deployed at each of the four plants, have a proven track record and come with a 10-year limited warranty and a two-year defects warranty. The portfolio benefits from the 1.3 ROC subsidy regime and the concession expires in 2036.
|Wakefield Waste PFI||City of Wakefield Metropolitan District Council||800||February 2016|
In February 2016, Equitix acquired the Wakefield Waste PPP, a 25-year concession with the City of Wakefield Metropolitan District Council, to process up to 230,000 tonnes of local municipal waste every year. The project, which is situated within the immediate vicinity of the city of Wakefield, West Yorkshire, primarily comprises the construction and operation of three new biological waste treatment facilities at South Kirkby, together with the refurbishment and operation of two transfer stations located in Wakefield and Castleford, seven Household Waste Recycling Centres (which have been consolidated into four facilities), and thirty municipal ‘bring sites’. The project reached Financial Close in September 2013, with Practical Completion occurring in December 2015.
|Italian Solar I||Italian National Grid||€68||January 2016|
In January 2016, Equitix acquired a stake in a 16.3MW portfolio of nine Italian solar parks spread across five locations in Italy. All assets receive substantial long term government subsidies in the form of Feed in Tariffs (FiTs) and have a remaining project life of between 15 and 17 years. Equitix partnered with a Milan based infrastructure fund – Econergy, an established player in the Italian solar market – on the deal.
|Cairnborrow Wind Farm||GDF Suez||12||November 2015|
This project involves the construction, operation and maintenance of Cairnborrow Windfarm – a five turbine, onshore wind-farm with a capacity of 10.25 MW – based in Aberdeenshire, Scotland Revenues are derived from energy sales and 20-year government subsidies (ROCs), supported by a 15-year Power Purchase Agreement with GDF Suez Marketing Limited. Prices and volumes are based on Baringa mid power price forecast and P50 wind yields.
There is a fixed price contract with GDF Suez UK Wind Services for SPV and technical management, including balance of plant maintenance. The wind farm uses established Senvion MM82 2.05 MW turbines and has a 20 year, fixed price O&M contract with the OEM turbine provider including lifecycle costs and a 96.5% availability guarantee
The Senvion turbine contract is EUR denominated but the risk of currency exchange movements impacting total capex has been mitigated through the use of forward contracts.
|Full Circle Power||Belfast Harbour Corporation||92||November 2015|
In November 2015, Equitix acquired a proportion of the Full Circle Power project involving the design, construction, finance and operation of a 14.85MW Energy from Waste (EfW) facility using Biomass Power Limited gasification technology, adjacent to Bombardier’s wing facility situated on the Belfast Harbour Estate in Northern Ireland. The plant will be fuelled by feedstock derived from household and commercial waste (refuse derived fuel or RDF), and is the largest EfW project to be financed in Northern Ireland. It will generate approximately 61 GWh of renewable electricity annually – enough to power more than 14,500 homes. Further benefits include the creation of 250 construction jobs and 20 full-time posts once the facility becomes operational in September 2017.
|Welland Biopower||Western Power Distribution||50||March 2015|
The project involves the design, construction and operation of a 9MW (net) waste wood gasification plant in Theddingworth, on the Northamptonshire / Leicestershire border.
The plant will consume c.70k tonnes per annum of waste wood arising from the locality, and will be eligible to earn ROCs, at a rate of 1.8 ROCs for each MWh of electricity generated, without the requirement for any heat offtake. The plant utilises gasification technology provided by Nexterra, a Canadian manufacturer of energy-from-waste gasification systems. It will be constructed and operated by MWH Treatment Limited, a subsidiary of MWH Global, a large US engineering and construction services provider.
|Northumberland Waste||Northumberland County Council||26||December 2014|
In December 2014, Equitix reached financial close on the acquisition of this fully operational waste project, the Northumberland Waste PFI, following divestment by RBS and AXA Infrastructure Fund. The project consists of the operation of an EfW incineration facility (135,000 tonnes annual capacity) at an existing plant in Teesside, together with the operation of a number of Household Waste Recycling Centres, Refuse Transfer Stations, Material Recycling Facilities and Composting Facilities
The project has been operational since May 2009 and has a remaining concession life through to 2035. All operations and maintenance is provided by SITA.
|Allerton Waste Recovery Park||North Yorkshire County Council & City of York Council||302||October 2014|
This 25-year contract involves the design, construction and operation of an integrated waste treatment facility in Allerton, North Yorkshire, capable of treating 320,000 tonnes of household and commercial waste per year from across North Yorkshire and York. AmeyCespa has proposed a combined waste treatment solution that consists of Mechanical Treatment, Anaerobic Digestion and Energy from Waste. The plant will generate renewable electricity for the equivalent of over 40,000 homes.
Further benefits to local residents include:
Construction of the facility is now expected to begin in December 2014 and take approximately 36 months to complete. It will become fully operational during 2018.
|Dalmuir||Scottish Water||35||March 2014|
In March 2014 Equitix acquired an 80% share in Dalmuir Waste Water Treatment Plant. This specialist wastewater plant built adjacent to the River Clyde is within the outer suburbs of Glasgow, Scotland and serves a population equivalent of around 600,000. Waste water from domestic households, commercial and industrial businesses is treated and either dried and converted into fuel pellets to power Longannet Power Station in Fife, or treated according to Scottish Environment Protection Agency (SEPA) highly regulated standards and returned to the River Clyde in Glasgow.
The project facilities have been fully operational since 2002 and has a 25 year concession is set to expire in 2026. Operations & Maintenance services are provided by Saur.