Consortium including Lend Lease inks deal on PFI scheme

Lend Lease has reached financial close with the South Tyne and Wear Waste Management Partnership on a PFI contract worth £727m.

The firm is part of a consortium that was announced as preferred bidder for the project last September.

Along with Lend Lease infrastructure the consortium comprises SITA UK and I-Environment Investments.

The contract runs for 25 years and includes the design, build, finance and operation of an energy-from-waste facility that will generate electricity for 30,000 homes on Teesside each year.

Funders of the project include Crédit Agricole, Natixis and BBVA with Pinsent Masons acting as advisers.

Pinsent Masons senior associate John Bruce said: “This is an exciting moment for the three partner authorities who showed fantastic team work to bring the deal to close with the SITA consortium – we were delighted to be involved.”