Wragges and DLA clean up on PFI waste deal
Legal Week reports
January 29, 2003 at 07:03 PM
2 minute read
National firms Wragge & Co and DLA have advised on the largest waste management PFI deal in the UK after winning beauty parades against a number of top City and national rivals.
Wragges advised the East London Waste Authority (Elwa) on its £750m joint venture with Shanks Waste Services, advised by DLA, in the establishment of a 25-year waste disposal contract.
The deal, which closed on 23 December, sees a joint venture between Elwa and Shanks, which will see the implementation of a new waste system processing more than 500,000 tonnes of refuse a year in several boroughs in east London.
The deal involves the construction of Bio-MRF waste disposal plants, which reduce waste volumes by more than 50% and will end Elwa's reliance on landfill, which is in short supply in the southeast.
Both firms have advised the clients before, but pitched for the work for this project in 2000, when the scheme began.
Wragges projects partner Stephen Kenny led the team advising Elwa, alongside corporate partner Peter Smith and banking partner Chris Brierley.
Kenny said: "This is an innovative way of disposing of waste and has great potential to be used in other jurisdictions."
DLA's head of waste practice, John Chandler, led the team advising Shanks alongside projects partner Claire Denison.
Chandler said: "This is a very big deal and is a big achievement. In the next five to 10 years we will be seeing a lot of work from the project finance market."
Ashurst Morris Crisp, led by projects partner Logan Mair and banking partner Steve Harris, advised NIB Capital Bank and ABN Amro, the funders on the deal.
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