Agrivert receives loan for two Waste-to-Power Plants

U.K.-based waste-recycling facility Agrivert has received £96m funding to complete two power plants that will convert waste into electricity.

The company is expected to use the funding to complete two 3MW anaerobic digestion plants that will smash the organic materials.

The facilities will be located in Hertfordshire and south Wales, and are expected to start operations in the middle of the next year.

Agrivert has received £66m debt refinancing from GCP Infrastructure. Several existing equity holders have also reinvested as part of the financing.

Reed Smith Partner’s Leon Stephenson said: "We are delighted to have supported our new client Agrivert Group in this refinancing deal. We were able to demonstrate our capability to deliver both complex refinancing and further financing of renewable energy projects.

"Additionally, Reed Smith’s full service offering was pivotal to the delivery of this complex reorganisation and restructuring in unison."

Agrivert CEO Alexander Madden said: "This financing has simplified and reduced the cost of our borrowing, as well as provided the funding to support a significant growth of our business.

"We were pleased to work closely with global law firm Reed Smith, who provided strategic counsel on a number of key areas, ensuring the smooth completion of the deal."