Manchester City Council

Cheshire East Council

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Waste body to appoint law firm to advise on financing documents

The London Waste and Recycling Board (LWARB) is to appoint a law firm to provide legal support to assist in the negotiation, drafting and documentation of finance documents.

These documents relate to a potential investment, including loan agreements, shareholders’ agreement, intercreditor agreement and the perfection of associated security.

The award criteria are: price – blended hourly rate (weighting: 25%); appropriate expertise in the negotiation, drafting and execution of loan and equity transactions (weighting: 40%); and authority of allocated personnel, their skills and technical capability (weighting: 35%).

LWARB is a statutory board established by the GLA Act 2007 to provide a strategic approach to waste management in London.

Its membership comprises four councillors and two independents nominated by London Councils and one independent appointed by the Mayor of London.

One of the primary functions of LWARB is to provide investment “to catalyse the development of the circular economy and waste infrastructure projects that meet the strategic requirements of LWARB (geographically and technologically) to the extent that funding is not available from the private sector”.

Approximately £40m of funding has already been committed across a range of projects, including the London Green Fund (a part of the Joint European Support for Sustainable Investment in City Areas programme), a Venture Capital Fund investing in Circular Economy businesses and directly into several infrastructure projects. Investment can take the form of debt and/or equity instruments.

The team expects to deploy a further £20m of investment funds by 2020 in order to further promote the strategic aims of LWARB.

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