Australian engineer lands Lancashire recycling deal
· £2bn waste disposal project will create 380 jobs · Process turns household rubbish into compost
Nick Fletcher Monday November 20, 2006 The Guardian
An Australian company that has developed an environmentally friendly system for disposing of household waste is close to signing a £2bn contract with Lancashire and Blackpool councils. The 25-year deal, agreed under the government's private finance initiative, covers 1.4 million people and 775,000 tonnes of waste a year, and is due to be finalised in the next few days.
Global Renewables, a Manchester-based subsidiary of the Australian engineering group GRD Ltd, plans to invest £340m to build two waste facilities in partnership with Bovis Lendlease. About £90m comes from PFI credits, with the main funding coming from five banks, including Bank of Ireland and Lloyds TSB.
GRD Price at posting:
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