SITA UK today (16 October) announced it has completed and signed the private finance initiative (PFI) contract with Cornwall County Council. This 30-year contract to provide an integrated waste management solution for the county is the first waste PFI contract structured fully independently of the waste operator.
The Cornwall contract provides a future model for procuring waste PFIs and will make a significant contribution to delivering government policy. This new model will improve the capacity of the waste sector to handle the large level of capital investment required in the UK over the next few years. A key element in making the project robust and bankable is the decision by SITA UK and Cornwall County Council to implement proven technologies.
The European Investment Bank (EIB) and the Royal Bank of Scotland (RBS) will provide funding for the project jointly. This is the first waste project that EIB has chosen to support in the UK, and SITA UK and Cornwall County Council are pleased to be involved.