National law firm Weightmans has helped the Broad Group secure funding for the development of a new 12MW energy recovery facility (ERF) at Buttington, near Welshpool.
The Weightmans team performed the corporate, commercial, tax work and property due diligence for the deal, and negotiated the option and lease agreement for the facility’s intended site in Buttington Quarry.
It builds on work led by partner Simon Colvin in the early stages of the project and advising Broad in relation to their waste management, collection, transport and export operations.
The investment – made by Low Carbon, a specialist investor in large-scale renewable energy projects – will support subsidiary Broad Energy’s development of the project. This includes securing planning permission from Planning Inspectorate Wales – a requirement under the facility’s classification as a “Development of National Significance”.
Once completed, the ERF, which will be built and operated by Global Energy from Waste leader Hitachi Zosen Inova, is expected to convert up to 165,000 tonnes of non-recyclable waste into electricity every year, powering more than 20,000 local homes and creating as many as 35 permanent jobs in addition to 300 roles through its construction.
The project is expected to have a total capital expenditure of £115m.
Levent Gürdenli, partner at Weightmans LLP, said: “This is a project that’s extremely important to the local area – not only helping to build a greener community, but also providing new employment opportunities.
“Infrastructure projects like these will play a big part in supporting the country’s efforts to reduce its environmental impact. The expertise we have across our UK office network – including in renewable energy projects, real estate and corporate and company law – makes us perfectly positioned to continue to support their development, and this deal clearly demonstrates that capability in action.”
Alistair Hilditch-Brown, CEO, Broad Group Ltd, said: “The Weightmans team were essential to making this deal happen. They clearly understood our sector, our business and our objectives, and were willing to go above and beyond to get this exciting deal completed.”
