Waste and Carbon capture in North London

Since 2021, Amberside Advisors, a Steer company, have been acting as corporate finance advisor to the North London Waste Authority (NLWA) to help raise financing for its £1.2 billion heat and power project, which addresses the future waste disposal needs of seven London boroughs.

The project covers the construction, operation and maintenance of a 700kt energy recovery facility with associated development including a Reuse and Recycling Centre and educational visitors centre at the Edmonton Ecopark in Enfield, replacing a plant that having operated since 1971, has reached the end of its useful life.

Amberside have more recently, after an open competitive tender, been separately appointed to advise on the commercial feasibility of, and financing needed to fund, the retrofit of carbon capture technology to the site.

As part of this project Amberside have:

• Prepared a Green-Book compliant full business case for HM Treasury approval, demonstrating a benefit cost ratio which underpinned a successful application for £100 million of low cost funding from HM Treasury under a debt issuance programme now overseen by UK Infrastructure Bank.
• Supported the assessment of Energetik’s application for £14 million of grant and loan funding from the Department for Energy Security and Net Zero’s Heat Network Investment Project (HNIP), for the Meridian heat network covering 15,000 homes.
• Supported a follow-on successful application by Energetik for £24 million to extend the heat network to a further 35,000 homes to cover Ponders End, Arnos Grove and Oakwood, civic buildings and two care homes.
• Considered the impact of the Electricity Generator Levy on the existing and proposed plants.
• Delivered a workshop on the extension of the UK Emissions Trading Scheme to Energy from Waste schemes from 2028 to explain the regulatory context and its latest changes.

Amberside have 10-year mandate and we are regularly gaining new engagements as part of this project.

To find out more about our groundbreaking work in this field contact Neil Rutledge.