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Manchester Waste reaches financial close with the help of the Treasury’s new Infrastructure Finance Unit
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SMBCE has reached financial close on a £750m Manchester Waste PFI project. The project will contribute directly to the UK's commitment to achieving a 50% recycling and composting rate, and a 65% diversion from landfill by 2020, in accordance with EU requirements. It will provide a treatment solution for the 1.3m tonnes of municipal waste, which the Greater Manchester Waste Disposal Authority (GMWDA) landfills each year, and is the first of its kind in the UK on this scale.
The project was funded by SMBCE (plus three other commercial banks), the European Investment Bank, GMWDA and the UK Treasury’s Infrastructure Funding Unit (TIFU). This is the first project financed by the newly formed TIFU.
SMBCE worked alongside TIFU to help structure the terms on which TIFU was brought into the project, in order to maintain the programme to financial close. SMBCE is delighted to be one of the Mandated Lead Arrangers for the Manchester Waste PFI Project, and is pleased to have worked alongside TIFU on its inaugural project.
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