We are excited to share that Amberside has been selected by the North London Waste Authority to provide financial advice for an upcoming carbon capture infrastructure retrofit. After an open tender process, Amberside was chosen as the preferred partner for this project. Upon completion in 2030, the retrofit will be integrated into the existing facility, boasting the capacity to process approximately 700,000 tonnes of CO2 annually at a cost of £300-400 million.
Over the past five years, Amberside has advised the North London Waste Authority, which collects waste on behalf of 7 London Boroughs, on replacing its waste processing infrastructure, originally installed in 1971. This involved raising over £700 million in finance at an average coupon of just over 2%.
Neil Rutledge, Director at Amberside commented, “Executing such a project in London comes with its own set of challenges. Unlike more industrialized areas, London has limited demand for carbon dioxide, making it difficult to create a strong business case. Additionally, extending the Emissions Trading Scheme to the waste sector adds a layer of uncertainty. However, Amberside’s extensive experience in commercial and financial advice, as well as their in-depth research on existing carbon capture sites has been well received.”