KfW IPEX-Bank finances thermal energy from waste plant by MVV Energie AG in England
Frankfurt am Main (ots)
- Support of German energy sector: MVV Energie AG from Mannheim as
private partner of local and municipal authorities in England
- German SMEs supply engineering equipment and know-how
- Latest technology ensures low emissions and environmentally
friendly waste recovery with high energy efficiency
- Consortium of KfW IPEX-Bank and Svenska Handelsbanken provides
credit amounting to approximately EUR 200 millionTogether with the Swedish Svenska Handelsbanken, KfW IPEX-Bank is providing finance to enable the construction of a thermal waste recovery plant in Plymouth in southwest England through MVV Energie AG, an energy company in Mannheim, Germany. The project is a public private sector partnership. The contracting authority is the South West Devon Waste Partnership (SWDWP), which comprises three regional authorities that came together specifically for the project. The SWDWP contracted with MVV Umwelt from Mannheim in Germany, a subsidiary of MVV Energie AG in Mannheim, to undertake the planning, building and operation of the new facility for a period of 25 years. Essential components of the plant engineering equipment also come from Germany: Baumgarte Boiler Systems from Duisburg is supplying the boiler, Stuttgarter LAB the flue gas cleaning equipment, the Hamburg service provider Imtech is supplying the energy and building technology and SAR Electronic from Landshut the industrial and process automation.
"In order for the United Kingdom to achieve the long-term EU environmental goals, it is vital to make more investments in the waste management and recycling sector - a market with great potential for specialised German firms, which we support as a bank through our international business. For MVV Energie AG and the SME suppliers the project serves as an important reference point for further activities," said Markus Scheer, member of the Management Board of KfW IPEX-Bank. "With the new plant in Plymouth," added Dr Georg Müller, Chairman of the Board of MVV Energie AG, "we can profitably apply our years of experience and our internationally valued expertise in environmentally friendly waste recovery in the British market." "We are pleased that we could contribute with our structuring know-how to this complex transaction and thereby help implement a successful project," commented Jürgen Ding, Head of Svenska Handelsbanken Mannheim branch and responsible for the project, upon completion.
The total investment costs amount to about EUR 250 million. In addition to waste disposal and energy recovery, the energy from waste plant also helps fulfil important EU environmental regulations.
Both banks provide equal shares of the funding, which is partly in British pounds. The funding amounts to the equivalent of about EUR 200 million and is structured as a purpose-tied and unsecured corporate loan to MVV Energie AG. The European Investment Bank (EIB) also plans to provide MVV Energie AG with a long-term investment loan for the project.
The use of the latest technologies in Plymouth ensures low emissions with high energy efficiency. Using a combined heat and power process in the new energy from waste plant, the project company MVV Umwelt will supply the generated electricity and heat primarily to a British naval base located in Plymouth. The facility has the technical nominal capacity to convert 265,000 tonnes of waste into energy per year.
MVV Energie AG is one of the leading German energy utilities in the field of electricity, district heating, gas and water, energy services and environment. The group of companies, which has an annual turnover of about EUR 3.6 billion and stakes in municipal utilities throughout Germany, is also active across Europe. MVV Energie AG is the only publicly listed utility in Germany. KfW IPEX-Bank has already assisted the MVV Energie Group with several financings. The most recent transaction underscores the good cooperation between them.
Pictures of the project are available on the homepage of KfW IPEX-Bank in the press section under "press material".
About MVV Energie AG
The MVV group is one of the leading and at the same time municipal and regional anchored energy companies in the German energy market. Its publicly listed parent company MVV Energie AG is based in Mannheim. The Group has around 5,900 employees and generated sales of EUR 3.6 billion in the 2010/11 fiscal year. The growth-driven cooperation between its subsidiaries with local and regional operations and its well-balanced overall business portfolio in electricity, heating energy, gas and water, as well as energy from waste and energy-related services are key characteristics of the MVV Energie Group. Renewable energies (onshore wind power and biomass), district heating, cogeneration, energy efficiency and energy from waste are essential components of the strategy, which focuses on generating profitable growth.
About KfW IPEX-Bank GmbH
Within KfW Bankengruppe KfW IPEX-Bank is in charge of international project and export finance. It is responsible for providing financing to support the German and European economy, a task derived from the legal mandate assigned to KfW Bankengruppe. Its prime focus is on medium and long-term lending to boost the export economy, develop economic and social infrastructure and support environmental and climate protection projects. KfW IPEX-Bank operates as a legally independent group subsidiary and plays a major role in fulfilling the promotional mission of KfW Bankengruppe. It has 531 employees (as of 31 December 2011) and is represented in the key economic and financial centres throughout the globe.
About Svenska Handelsbanken AB (publ)
Svenska Handelsbanken was founded in Stockholm in 1871. Today it is one of the leading banks in the Nordic Region and one of Europe's most cost effective banks. Svenska Handelsbanken runs a strongly decentralised business model, with 755 branches in 22 countries worldwide. With an Aa3 Moody's rating and a core capital ratio of 14.7% (EBA stress test), Svenska Handelsbanken was once again acclaimed one of the world's strongest banks by news agency Bloomberg in May 2012. Svenska Handelsbanken has been active in Germany since 1972. With branch offices in Hamburg, Düsseldorf, Essen, Frankfurt, Mannheim, Stuttgart and Munich it provides highly personalised service to both corporate and personal customers. Focus by supporting corporate clients is on cash-management, trade finance, financing, liquidity and risk-management solutions.
Pressekontakt:
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
Pressestelle: E-Mail: thomas.krick@kfw.de
Tel. 069 7431-8454, Fax: 069 7431-9409, E-Mail:
info@kfw-ipex-bank.de,
Internet: www.kfw-ipex-bank.de
Original content of: KfW IPEX-Bank, transmitted by news aktuell