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09 Dec 2020

Stephenson Harwood advises Covanta on new energy from waste facility project

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Law firm Stephenson Harwood LLP has advised Covanta Holding Corporation (Covanta) on its investment in the Protos Energy Recovery Facility (Protos ERF), based in Cheshire, UK.

Covanta, a global sustainable waste and energy solutions business, and Green Investment Group (GIG), a specialist in green infrastructure investment projects, will each own 37.5% of the facility, with primary waste supplier Biffa plc owning the remaining 25% equity stake. 

The facility, which is expected to be completed in 2024, will contribute towards the improvement of the UK’s waste infrastructure by providing 400,000 tonnes of annual treatment capacity for non-recyclable waste, and will power approximately 90,000 homes. The deal marks the company’s fourth energy from waste project in the UK with GIG – on all of which Stephenson Harwood has advised – and its second with Biffa, as Covanta continues to expand its portfolio of UK projects. Stephenson Harwood originally advised on the establishment of the strategic partnership with GIG, part of the Macquarie Group, in 2017.

The Stephenson Harwood team was led by corporate partner Duncan Stiles, who was assisted by senior associate Chris Cowley, and associates Lucinda Hicks and Harry Wilson. Further support was provided by finance partner James Linforth and legal assistant Valentina Nikiforova, tax partner Maryanna Sharrock, and competition partner Marta Garcia, senior associate Anna Delahey and associate Will Spens.

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