3SE, a joint venture majority owned by waste management group Shanks, has signed a contract worth with Barnsley, Doncaster and Rotherham Councils for the treatment of black bag waste.
The 25-year agreement, worth more than £750m, will see Shanks build a mechanical biological treatment and anaerobic digestion facility at Manvers in South Yorkshire, by 2015.
The plant will process so-called "solid recovered fuel" (plastics and biodegradable waste) and biogas for energy generation, and digestate for compost and fertiliser, with Shanks operating the facility until 2040.
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
It's hoped the Manvers site will treat up to 265,000 tonnes of household and commercial waste per year.
Under the agreement, the minority owner of 3SE, SSE will use around half of the solid recovered fuel produced at a new plant at Ferrybridge, West Yorkshire to generate electricity.
Shanks claims when the facility at Manvers is operational it will lead to a saving equivalent to 114,000 tonnes of CO2 every year.
Since the start of the year Shanks' shares have risen 8.8%.
BS
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
