Law firm Eversheds has advised Derby City Council and Derbyshire County Council on the latest milestone in its £950m long term waste management PPP contract – the achievement of financial close.

Interserve Construction and Shanks Waste Management were awarded the contract in December 2009 and have been providing interim services whilst planning permission was being obtained for the construction of a new mechanical biological treatment facility and on-site gasification plant.

Interserve are expected to build the new facility by April 2017, with Shanks then due to operate it for 25 years alongside the existing waste management facilities. The project’s £195m funding requirements have been provided through BayernLB, Sumitomo Mitsui Banking Corporation and the UK Green Investment Bank.

The Eversheds team was led by partner Sophie Robinson, who commented:

“This is an extremely important project for both the City and County Council and will have huge benefits to the local economy. This latest milestone is an important step forward for the project and Eversheds is gratified to have played a part in it.”

Councillor Asaf Afzal, Derby City Council’s Cabinet Member for Neighbourhoods and Streetpride commented:

“Derby City Council needs to manage its waste more effectively in the years to come and this facility will enable us to do so in a way that costs taxpayers less than it does now; the cost of sending waste to landfill will only increase as the Council is forced to cut a further £60m from its budgets by 2017.”