Cory completes EfW debt refinancing package
New arrangement will help firm focus on future growth and develop business
Cory Riverside Energy has completed a £520m debt-refinancing package for its Riverside energy-from-waste plant in East London.
The energy recovery and recycling company said the plant has been refinanced with a hybrid deal, which includes contributions from both banks and institutional lenders.
The Riverside plant is the latest operating energy-from-waste plant in the UK.
Company chief executive Nicholas Pollard said the new deal demonstrates “great confidence” in Cory Riverside Energy and “our place at the heart of London’s resource management structure”.
“It marks the culmination of the plan agreed with our shareholders 15 months ago, and completes the restructuring of our business,” said Pollard.
“Our financial structure now reflects the operational structure, with a simplified business and removal of historic risk.
“Our Riverside facility and infrastructure is unique in the sector, with an exemplary operational track record. It has been reliably operating at capacity since day one, and has the benefit of long-term contracts and indexed gate fees.
“We’ve had another record year, with 12 months of operating at a new, higher capacity. This refinancing is an exciting opportunity for us to focus on future growth and to develop the business even further,” added Pollard.
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