The Greater Manchester Waste (GMW) contract is the largest waste Public Private Partnership (PPP) project in Western Europe. PwC acted as lead adviser to both the winning Viridor Laing consortium on the Manchester Waste PFI contract and to the project sponsors on the related Runcorn Energy from Waste project. Services provided included support to sponsors in bidding for and negotiating the underlying PPP contract, structuring and raising project debt and negotiation of final terms with the senior lenders. In addition PwC provided specialist tax and accounting advice and ran the time-critical process required to achieve simultaneous financial close on both projects. The deal, which closed in April 2009, involved two stapled project financings and the acquisition by our client of GMW Limited, a publicly owned waste management company.
“Closing two linked project financings in the middle of the credit crunch proved an exceptional challenge requiring a detailed understanding of the market and an ability to respond creatively to fast-changing circumstances. PwC demonstrated our ability to work with clients, their funders and the public sector counterparties to extend the PPP concept to include funding as well as contracting structures” (PwC) “An exemplary service delivered in a very challenging environment” (John Laing Investments) “Very impressed. We are tough to please, but PwC fully met our expectations” (Viridor Waste Management)