Cory Riverside Energy has been confirmed as the preferred bidder for Tower Hamlets council’s residual waste disposal contract – and is in line to take the contract over from Veolia.
The contract, which could run for up to 17 years, is worth between £170m and £250m over its lifespan. Veolia had previously held a contract with the authority since 2006.
Cory will take over from Veolia who has had a contract with the London borough since 2006.
Under the deal Cory will be receiving and treating Tower Hamlet’s waste, as well as operating the borough’s Reuse and Recycling Centre at Northumberland Wharf.
Cory
The energy company operates one of the largest energy from waste plants in the UK in Belvedere, Kent, with the capacity to treat up to 750,000 tonnes of residual waste per year.
Earlier this year, Cory announced the completion of a £520 million debt refinancing package for its Belvedere plant (see letsrecycle.com story).
Cory’s operations underwent major restructuring earlier in 2017 as it re-focused its strategy solely on the energy from waste element of the business. The restructuring involved the sale of its municipal collections division to Biffa in 2016 and landfill sites to Armour Group holdings, earlier this year.
The plant already manages waste from Western Riverside Waste Authority – comprising of Hammersmith & Fulham, Kensington & Chelsea, Wandsworth and Lambeth councils, as well as other waste from the London borough of Bexley and City of London.
The Belvedere incinerator in south east London
Tower Hamlets
Tower Hamlet’s recycling material is currently being collected by Veolia and sent for sorting at Bywaters’ material recycling facility in East London, under a contract awarded in March 2015.
The borough’s recycling rate is amongst the lowest in the UK with 20% to 21% according to Defra figures compared to areas such as Oxfordshire with rates above 65%.
The post Cory selected as preferred bidder for Tower Hamlets contract appeared first on letsrecycle.com.
Source: letsrecycle.com Waste Managment
