Waste Management
Greater Manchester PFI Reaches Financial Closure
Aug 26 2009
The TEG Group Plc, (UK) (which converts organic wastes into natural organic fertiliser) confirms that the Financial Close has been achieved on the Greater Manchester Waste Disposal PFI contracts (“the PFI Contract”) and TEG has concluded its contract with its customer Costain Limited (“Costain”), the company retained by the Viridor/Laing consortium to manage the construction projects for the PFI Contract.
TEG’s contract is for the construction of 4 TEG Silo Cage in-vessel composting plants to be constructed between 2008 and 2011. The plants will provide capacity to compost 175,000 tonnes per annum of green and food waste collected from householders in the Greater Manchester region. The plants will produce approximately 125,000 tonnes per annum of compost to be used in agriculture and horticulture in the region. The value of the contract to TEG is approximately £38m. Commenting for TEG, Chief Executive Mick Fishwick said: “We are absolutely delighted to have concluded the Greater Manchester Waste Disposal PFI contract. We are very pleased to be playing a major part in the implementation of Europe’s biggest ever waste management contract and we look forward to working with companies as prestigious as Costain, Viridor, Laing and the Greater Manchester Waste Disposal Authority.
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