Today the London Waste and Recycling Board (LWARB) launched a new call for Expressions of Interest from organisations seeking funds for infrastructure projects.
£20 million is available to invest in waste-related projects following the recent publication of LWARB’s investment framework 2015-2020.
Compared to previous calls, the new infrastructure fund offers a wider variety of investment opportunities suitable for projects at different development stages. Options include:
- A £6 million capital fund for new infrastructure projects in or around London;
- A £5 million corporate loan fund for existing waste companies in London seeking to expand or upgrade their equipment;
- A £1 million development loan fund to support prospective projects in their earlier stages;
- A new £1 million venture capital fund will be launched next year; and LWARB will also explore opportunities for a further £7 million investment in a new equity fund.
LWARB only finances projects which tackle London’s waste and meet the environmental requirements of the Mayor of London’s waste strategies. Suitable projects could include initiatives as varied as recyclate sorting and separation, secondary material reprocessing or re-manufacturing, anaerobic digestion and composting facilities or thermal/chemical conversion technologies. For this call, LWARB will also consider supporting projects based on circular economy technologies, as well as reuse and recycling waste collection infrastructure.
LWARB will not invest in projects which can be wholly financed by the private sector; instead they will focus on optimising leverage of funds by helping to de-risk those projects that are on the margins of private sector delivery.
Richard Tracey, Chair of the London Waste and Recycling Board said, ‘the Mayor of London’s Infrastructure Investment Plan has identified the need for an additional 40 new waste facilities in London by 2050 as well as replacing existing facilities as they reach the end of their life. LWARB’s funding pot will play a critical role in supporting waste infrastructure development and is vital to the treatment of current and future waste generated in London’.
Melville Haggard, Chair of LWARB’s Investment Committee, said ‘LWARB has repeatedly shown that it can act as a catalyst for new waste infrastructure projects, helping SMEs through the complex process of financing projects. We are looking forward to seeing some ground-breaking new projects getting delivered in London with the support of this new fund’.
Over the last four years, LWARB has invested around £30 million in waste infrastructure projects in London, including Plasrecycle, the UK’s first dedicated plant for recycling post-consumer shopping bags; TEG Biogas, an anaerobic digestion and composting facility; and Ecotech, a PET bottle reprocessing and material recovery facility. LWARB has also helped to establish and fund the London Reuse Network.
The returns on these investments enable LWARB to continue investing in new waste infrastructure and to support London waste authorities in their efforts to make savings and improve waste management across the capital.
All projects in which LWARB invests are subject to a robust due diligence process regarding their viability and ability to meet desired outcomes. For details on how to submit an Expression of Interest (EoI), including application guidance and submission criteria, visit www.lwarb.gov.uk.