Construction firm Balfour Beatty is the preferred bidder for a £500m joint venture to build an energy-from-waste facility.
The 28-year PPP project involves the design, build and operation of the site for Gloucestershire County Council.
The project will be undertaken as a 30/70 joint venture between Balfour and waste management firm Urbaser.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The construction company will be involved in the design and construction of the facility, after which it will be handed over to Urbaser to operate from late 2015 onwards.
The council hopes the energy-from-waste facility will divert over 91% of Gloucestershire's residual municipal waste from landfill.
This could generate 116,000MW hours of electricity annually, which could to power more than 25,000 homes, the company said.
Balfour Beatty will invest around £13m in the project, which is expected to reach financial close in the second half of 2012.
-
From old clocks to vintage dolls worth thousands – are you sitting on a fortune in your attic?Many of us are guilty of hoarding things in the loft, but, from coins and vintage jewellery to war memorabilia, your attic could hold items worth thousands of pounds. We look at how much they could sell for
-
RICS: Housing market subdued in May but outlook brightens as sales stabiliseThe property market lost momentum after April’s stamp duty hike, but sentiment is improving
