Renewables developer Brockwell Energy is to launch a debt raise for its second Scottish energy from waste (EfW) project in September
The 22 MW Westfield waste to energy plant is due to be situated on a former open cast coal mine in Fife and could process up to 200,000 tonnes of waste from the surrounding area per year.
Brockwell has already opened discussions with lenders to finance construction ahead of a formal process in the autumn, a spokesman confirmed.
It follows the financial close of Earls Gate, Brockwell Energy’s first 22 MW EfW plant in Scotland, in December 2018.
In that transaction, a club of four banks comprising ABN Amro, Investec, MUFG Bank and the Royal Bank of Scotland contributed a net £148 million to finance construction of the plant.
The project is co-owned by U.S. EfW developer Covanta Energy and Macquarie’s Green Investment Group, which each own a 25% stake in the project under their framework agreement.
The co-sponsors do not own shares in Westfield and at present Brockwell Energy is expected to retain 100% ownership of the project itself, a source says.
Brockwell is itself owned by Lantern Bidco Ltd, a London-based vehicle backed by private equity firm Pioneer Point Capital and U.S. hedge fund manager Davidson Kempner.
Last October, the shareholders acquired the company from Hargreaves, a real estate investor listed on the AIM segment of the London Stock Exchange.
Brockwell Energy is understood to have been one of four finalists that bid for Rolls-Royce Plc’s fleet of natural gas-fired generation plants in the U.K., but lost out to U.S. energy fund manager Rockland Capital.