Waste management business Shanks has signed a 25-year private finance initiative contract with Wakefield Council worth an estimated 750m pounds.
Under the contract, Shanks will build a residual waste treatment facility at South Kirkby, to treat and recycle waste from the Wakefield District transforming it into valuable products and green energy.
The facility will process up to 230,000 tonnes per annum of municipal solid waste, helping to increase the local authority's landfill diversion rate towards 90%.
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The contract has been funded by the UK Green Investment Bank and a group of leading international banks- Barclays, BayernLB from Germany and Sumitomo Mitsui Banking Corporation from Japan.
Dilnot: Deal will see more waste recycledPeter Dilnot, Chief Executive Officer of Shanks Group said: "We are delighted to have signed this contract with Wakefield Council and look forward to working with the authority and local residents to increase their diversion from landfill. Our solution will help them make more from the waste they produce by increasing recycling, generating green energy and producing compost for land remediation and use by residents.
"We are excited that the UK Green Investment Bank has chosen this project as one of its first major investments, which will see Shanks draw on experience from across our Group to deliver a genuinely sustainable solution."
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