Magazine article Public Finance

Councils Tender for Waste Management Scheme

Magazine article Public Finance

Councils Tender for Waste Management Scheme

Article excerpt

Three local authorities have issued a tender notice for a £1bn waste management scheme, leaving the method of financing, contract structure and technology to be used up for negotiation.

Despite its size, Project Transform launched by Warwickshire County Council and the unitary authorities for Coventry and Solihull - could bypass the Private Finance Initiative.

The tender documents said finance was expected to come 'predominantly, if not wholly' through the PFI. But it added that other sources could include prudential borrowing and loans from the European Investment Bank or the Treasury Infrastructure Financing Unit.

Programme manager Kalen Wood told Public Finance that the decision to he flexible over financing 'came out of the Manchester experience - that's why we are leaving it open to look at additional or alternative finance'.

The £4.7bn PFI scheme signed off by Greater Manchester Waste Disposal Authority in April was severely delayed by financing problems arising from the credit crunch. Its senior debt package eventually included prudential borrowing and loans from Tifu and the EIB.

Wood noted that procurement for Project Transform could take two years. 'We don't know what the economy will be like then. …

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