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  • Amberside 4:21 pm on February 6, 2020  

    Triple Point Heat Networks Investment Project Awards £40 million to Projects 

    Richard Turner, Director at Amberside commented:

    “It’s great to be able to announce the successful applicants from Rounds 1 and 2 of the Heat Networks Investment Project. With many cities and towns across the UK declaring Climate Emergencies and setting Net Zero targets, these local authority and private sector heat network projects are an important initial step towards supplying low carbon heating across the country, and a key part of the Government’s Clean Growth agenda. Amberside, with our consortia partners, are looking forward to building on this momentum by working with more heat network developers across the UK and seeing the market continue to grow as confidence in the industry builds. Furthermore, we believe the heat network sector represents an exciting opportunity for investors as the requirement for commercial funding grows.”

    The first projects to receive gap funding for heat network schemes have been announced today by the Department for Business Energy and Industrial Strategy (BEIS) in partnership with Triple Point Heat Networks Investment Management. With over £30 million awarded to five local authority projects and a further £10 million awarded to two exciting private sector projects in South East London and Liverpool.

    Marking another step forward in the government’s Clean Growth Strategy, the money will come from the £320m Heat Networks Investment Project (HNIP) fund. These projects are the first beneficiaries to be formally announced by the scheme which is open to public and private sector organisations in England and Wales.

    The Heat Networks Investment Project (HNIP) has offered funding to:

    Barking Town Centre Strategic Distribution Energy Scheme (Funding Award: £5m)

    To create a low carbon district heating scheme in Barking Town Centre, serving a mixture of new developments comprising more than r 8,000 homes as well as a number of existing buildings.

    Bristol City Council: Old Market Heat Network (Funding Award: £6.59m)

    To support the installation of a key phase of the city centre-wide provision of low carbon heat. The Network will supply 17 buildings including 10 office blocks, 4 residential blocks, two hotels and one school.

    Bristol Redcliffe Heat Network (Funding Award: £3.6m)

    To expand the existing network and the installation of a second low carbon energy centre, supplying heat to a number of new commercial developments.

    Leeds City Council (Funding Award: £2.4m)

    To extend a recently completed heat network into the city centre. The extension will deliver low carbon heat from the Recycling and Energy Recovery Facility (RERF) to five council buildings and has been oversized to allow existing buildings and developments to connect in the future.

    Energetik: Meridian Water Heat Network (Funding Award: £5.5m)

    To supply low carbon waste heat to 10,000 homes and eventually connect to three other housing developments in the Borough to supply over 15,000 homes. The network has capacity to expand and the company hopes to connect to supply heat to neighbouring London boroughs.

    Veolia: South East London Combined Heat and Power Heat Network (Funding Award: £5.5m)

    To create a new pipework branch from South East London Combined Heat and Power (SELCHP) – a major energy from waste plant – to transport waste heat to 3,500 new homes.

    Peel Energy, part of Peel L&P: Liverpool Waters Heating Network (Funding Award: £1.3m)

    To support the supply of heat to multiple residential and commercial buildings with a temporary
    energy centre and an accelerated transition to a low carbon heat source.

    Ken Hunnisett, Project Director at Triple Point Heat Networks Investment Management said:

    “We are delighted to offer funding to these highly deliverable projects, each of which scored well in the opening funding rounds in terms of the key scheme metrics of heat delivered and carbon saved.

    Of course, this is only the beginning of the story. We know that there is a substantial pipeline of projects out there and as such this announcement today will be the first of many. We hope it helps to build confidence in the market and that it encourages others to come forward and take advantage of this unique opportunity. People need to engage with some urgency as HNIP is a time-limited scheme that closes in March 2022. Heat networks offer a unique opportunity to utilise a range of heat sources to deliver low carbon heating and cooling to multiple properties. We look forward to working with future applicants to support them throughout their application journey.”

    Below is a summary of the schemes to be awarded funding

    Round 1

    Barking Town Centre Strategic Distribution Energy Scheme (Award: £5m of grant funding for commercialisation and construction)

    Barking and Dagenham Council has been awarded £5m to co-fund the creation of a landmark low carbon UK district heating scheme in Barking Town Centre.

    The project has been classified as strategically significant by the GLA and builds on the borough’s ambitions to become the green capital of London. It involves modification of the existing energy centre on the Gascoigne East Estate, Weavers Quarter, and the construction of a new large-scale energy centre. Together these will supply over 30 GWh per year of low carbon heat into a new Barking Town Centre wide heat network, serving a mixture of new developments comprising over 8,000 homes, together with existing buildings.

    Initially, supplies of heat will come from gas-fired combined heat and power units, but over time these will be replaced with existing sources of waste heat in the borough to deliver zero carbon heat supplies.

    Bristol Redcliffe Heat Network (Award: £3.60m of grant funding for commercialisation and construction)

    The extension of the Bristol Redcliffe heat network will involve the expansion of the existing network and the installation of a second low carbon energy centre to supply heat to a number of new commercial developments in the area. The current scheme, which utilises biomass boilers, was completed in 2016 and supplies 700 social housing properties.

    The extension will use the additional capacity within the current energy centre as well as the new energy centre, located within the council’s offices, which will include new gas CHP and back up boilers. The scheme will also include future proofing works to enable the network to be connected to additional existing loads and proposed new developments around Bristol Temple Meads. In addition to this section of the network the council will also be expanding to new areas of the city which will be served by new renewable sources such as water source heat pumps and geo-thermal technology.

    Leeds City Council (Award: £2.4m in grant funding for construction)

    The Leeds PIPES scheme is a recently-completed district heat network that has already begun delivering heat to Leeds. It currently comprises a network of around 16km of pipework, delivering low carbon heat and hot water, generated from waste steam created by the Recycling and Energy Recovery Facility (RERF), to commercial properties and council-tenanted properties. HNIP funds will be used to extend the network into the city centre, connecting five council buildings and allowing other existing buildings and developments to connect in the future.

    The pipework therefore will be sized to enable a future extension to the South Bank, an area of major development and regeneration. The extension of the network comes at a key time, as Connecting Leeds will deliver extensive highways remodelling in the city centre.

    Veolia: South East London Combined Heat and Power Heat Network (Award: £5.5m of grant and loan funding for commericalisation and construction)

    The network will consist of a spine running from the plant to Lewisham and connections to an anchor load comprised of commercial and residential units. This will create a network of approximately 1.7 km capable of delivering in excess of 30 MW of low carbon heating demand. The proposed heat network will provide immediate and long term carbon reduction to these developments compared to alternative heating options while providing good value heating to residents and businesses.

    Round 2

    Bristol City Council: Old Market Heat Network (Award: £6.59m of grant funding for commercialisation and construction)

    A new network in Bristol, as the City Council seeks to install a city centre-wide provision of low carbon heat through heat network pipes. Designed to supply low carbon heat from the Energy Centre at the current Castle Park Council Depot site, at full build out the energy centre will comprise of a Water Source Heat Pump, Gas CHP and Gas peak and reserve boilers. The Phase 1 Old Market Network will supply 17 buildings including 4 residential blocks, 10 office blocks, 2 hotels and 1 school with an annual demand of 14.4MWh, through 1.6km of DH pipe. Over the next 25 years, the Old Market Network Phase 1 project will save around 76,911 tonnes of carbon. In the longer term, there may be more opportunities for new low or zero carbon sources of heat to connect to the network.

    Energetik: Meridian Water Heat Network (Award: £14.76m of grant funding for construction)

    Meridian Water Heat Network will supply waste heat to at least 15,000 homes, with potential to rise to in excess of 30,000 over the lifetime of the network. The project is planned to be operational in 2022 and will be extended as new developments are built. Connection to the North London Waste Authority’s new Energy Recycling Facility (ERF) when built in 2026 will provide a very low carbon heat supply.

    The energy centre will initially use gas fired boilers, enabling the heat network to supply customers with heat from 2022 before connecting to the ERF to supply up to 60MW of waste heat. The network’s construction will enable 8.9km of heat network piping to be installed, eventually serving multiple large housing developments. Once the ERF is connected in 2026, the equivalent annual carbon savings will exceed 2200 tonnes and will rise rapidly over the next 10 years to over 5700 tonnes per annum in 2036.

    Peel Energy, part of Peel L&P: Liverpool Waters Heating Network (Award: £1.3m of grant funding for construction)

    Peel Energy, through its supply company (ESCo) Mersey Heat is delivering a district heat network to serve Peel L&P’s Liverpool Waters development and surrounding areas including 2,000,000m2 of development floorspace, 9,000 residential units, 315,000m2 of business space and 53,000m2 of hotel and conference facilities. The awarded funding will support the supply of heat to multiple residential and commercial buildings with a temporary energy centre. A planned transition to a low carbon heat source will occur in the future to reduce carbon emissions.

    NOTES TO EDITORS

    The government investment for the £320 million Heat Networks Investment Project was first announced in the Spring Budget 2015. https://www.gov.uk/government/publications/heat-networks-investment-project-hnip-scheme-overview

    Triple Point Heat Networks Investment Management website: http://www.tp-heatnetworks.org

    For all media enquiries, please contact: triplepoint@sapiencecomms.co.uk

    For enquiries about the funding awards, please contact: comms.ecuity@tp-heatnetworks.org

     
  • Amberside 8:55 am on November 29, 2019  

    Richard Turner appointed as a board director of Amberside Advisors Ltd 

    Amberside Advisors Ltd is pleased to announce the appointment of Richard Turner as a board director.

    Richard has 25 years of experience advising on, lending to and investing in infrastructure projects. His appointment to the board follows a successful period in the role of Head of Infrastructure where he led the practice’s structuring and finance-raising advisory mandates, including:

    • leading a number of refinancing transactions across the renewables and infrastructure sectors
    • securing £100m, out of an available total of £500m, of low-cost infrastructure loans from HM Treasury for a replacement energy recovery facility in London
    • supporting Central Government through two rounds of applications for investment in Heat Networks
    • advising OfGEM on implementing the “competition proxy” model as the reward mechanism to National Grid for developing new separable high value transmission assets to Hinkley Point C new nuclear facility.

    Since Richard joined in January 2018, Amberside has grown to 40 professional staff and completed nearly 300 mandates across a variety of industry sectors, including renewables, transport and healthcare, with a total value of £4.5bn.

    Paul Austin commented: “I am delighted to confirm the appointment earlier this month of Richard Turner as director of Amberside Advisors. On joining the firm, Richard’s knowledge and expertise enhanced our growing advisory practice; looking to the future, his strategic leadership skills at Board level will help Amberside achieve its goal of becoming the ‘go to’ advisory firm.”

    Richard was previously a project finance banker firstly at Dresdner Kleinwort Benson and then NM Rothschild, where he advised on and arranged debt for a number of significant infrastructure projects.

    More recently, Richard led project and export finance for a major infrastructure contractor, where he successfully bid and financially closed 35 projects both domestically and internationally, raising £6bn of debt and investing £250m of equity. In that role, Richard led a number of significant project financings across a wide range of sectors, and also managed a key relationship with UK Export Finance (the UK export credit agency) where he supported the company in raising approx. US$1bn of export finance for construction projects.

     
  • Amberside 11:36 am on November 7, 2019  

    NLWA earns favourable borrowing deal for £100m funding of vital community assets 

    Neil Rutledge, Director at Amberside Advisors Ltd and lead Financial Advisor to North London Waste Authority, commented:

    “We are delighted to have secured the maximum amount available from HM Treasury for this highly eligible Local Infrastructure project. It was in our mind, when the bidding window opened on 1st Jan 2019, that widespread use of prudential borrowing by other local authorities might crowd out more essential infrastructure and elicit a reaction from HM Treasury which, if not addressed, could harm the project’s prospects. Our client, North London Waste Authority, agreed. When a month ago, HM Treasury duly sought to put the brakes on more general borrowing, by adding 1% to the margin over gilts paid by Local Authorities, our foresight in pursuing this funding source became clear. That we have secured £100m at a cost of Gilts plus 60bp for our client represents a strong start to a more comprehensive funding programme we are now putting in place.”

    Today North London Waste Authority (NLWA) announces the successful outcome of a competitive bid to borrow £100m from the government at a reduced interest rate. The money will be used to finance the Authority’s flagship infrastructure project to replace its existing Energy from Waste plant with a new Energy Recovery Facility in Edmonton, north London.

    The successful application to borrow £100m at a reduced borrowing rate of 1.7% interest instead of the usual 2.9% is just one of the Authority’s actions to deliver the North London Heat and Power Project (NLHPP) at the lowest possible cost for the residents of north London

    The award for this nationally significant infrastructure project further highlights the NLHPP as a vital piece of waste management and energy infrastructure with strong benefits for the environment and society. It will help NLWA to build long-term capacity for London’s non-recyclable waste and in so doing, also make a positive contribution to addressing the Climate Emergency. As a result of the lower rate borrowing available the Authority can now continue to make rapid progress on delivering the project, particularly the most capital intensive stages of the work.

    The assessment criteria for this award included an evaluation of the environmental and societal benefits the NLHPP will provide, such as:
    • Carbon Dioxide (CO2) saving when treating non-recyclable waste in an Energy Recovery Facility
    • Improved air quality and other environmental benefits
    • Over 2,500 employment opportunities during construction and operation, as well as
    • Over 100 apprentices and 225 onsite skills training opportunities for the local community.

    The scheme will see the modernising of Edmonton EcoPark to replace the 50-year-old Energy from Waste plant with a world-class Energy Recovery Facility and flagship Resource Recovery Facility which includes a brand-new Reuse and Recycling Centre open to the public. Part of the project incorporates a new education and community centre called EcoPark House, which will help local people learn about the circular economy values of reducing, reusing and recycling their waste, and in doing so reduce their impact of the environment.

    The NLHPP represents the most cost-effective and sustainable way to treat non-recyclable waste in north London over the coming decades and forms a key part of NLWA’s strategy to increase recycling rates to 50% and encourage waste prevention amongst residents.

    In the context of the Climate Emergency, the NLHPP is part of the solution for moving towards a Net Zero carbon economy, consistent with recommendations from the Committee for Climate Change.

    For more information, please contact Trudi Axtens, North London Heat and Power Project Communications Manager, on 020 8489 3940 or Trudi.Axtens@nlwa.gov.uk

     
  • Amberside 12:14 pm on May 9, 2019  

    Amberside supports Bio Capital with acquisition of anaerobic digestion plant at Granville Eco Park 

    Leading corporate finance practice to the infrastructure and energy sectors, Amberside Advisors Ltd, have supported Bio Capital with the acquisition of the Granville Eco Park project on 8 May 2019.

    Neil Rutledge, director of Amberside Advisors Ltd, commented: “Amberside Advisors Ltd is delighted to have advised Bio Capital throughout the acquisition of another significant asset to their growing Anaerobic Digestion portfolio.”

    Ross Cooper, director of Bio Capital, said: “We engaged Amberside to provide us with acquisition support of a large-scale anaerobic digestion plant in Northern Ireland. The transaction was very delicate, and the deal evolved rapidly throughout several periods of commercial negotiation. Amberside were able to navigate through the complexity of the transaction and model challenging financial concepts to give us confidence in the asset’s valuation. They were able to understand the key issues that arose and identified matters that supported our interest.”

    Granville Eco Park (GECO):
    • Acquired under the Bio Capital platform, a joint venture between Equitix, Aurium and Helios.
    • An Enhanced Anaerobic Digestion Facility based in Dungannon, Northern Ireland.
    • GECO treats over 80,000 tons of biowaste per annum producing over 60,000 MWh per year in the process.
    • It was the first AD plant in the UK to achieve certification under the Anaerobic Digestion Certification Scheme (ADCS), recognising good working practices in operational, environmental and health & safety performance

     
  • Amberside 11:57 am on April 11, 2019  

    Amberside supports Gresham House in completion of their UK wind farm refinancing 

    On 2 April 2019 Amberside Advisors assisted Gresham House in closing the refinancing of the Wathegar 2 wind project.

    Amberside Advisors acted as financial modelling advisors to the sponsor, Gresham House – a specialist alternative asset manager – to reach financial close.

    Wathegar 2 is a wind farm based in Bilbster, Wick, UK. The project has a capacity of 18.45MW comprising nine 2.05MW turbines.

     
  • Amberside 2:39 pm on March 22, 2019  

    Amberside Advisors proud to support award-winning ‘Wales & Borders’ project 

    Amberside Advisors are proud to have supported SMBC and Equitix Ltd as financial model advisors on the award-winning Wales and Borders rolling stock project. Congratulations to all involved for their hard work and an amazing achievement!

    Winners in the European transaction category (IJ Global Awards 2018):
    Rail – Wales & Borders

     
  • Amberside 12:23 pm on March 19, 2019  

    Amberside welcomes back Viet Nguyen as Senior Manager 

    The team at Amberside Advisors is very pleased to welcome back Viet Nguyen as Senior Manager. Viet left Amberside in 2015 to pursue his career at Qila Energy – an anaerobic digestion developer. Now returning as part of our strong management team, he will be bringing his additional experience in project finance management to Amberside’s clients to help build on all our successes. He has also just returned from paternity leave after welcoming his newborn daughter – a future Amberside recruit perhaps?

    His extensive 14 years experience includes 8 years direct experience within industry covering the anaerobic digestion and waste to energy sectors. Viet also has 6 years experience working in advisory undertaking roles covering refinancing, model audit, bid, operational and acquisition for a range of infrastructure project types.

    We are extremely pleased to have someone of Viet’s quality further boost our management team as we continue to expand our proposition as a mature, full-service financial advisory consultancy firm to the renewables and infrastructure sector.

    Viet’s appointment will bring our consultancy up to almost 40 professionals.

    Viet Nguyen

    If you are interested in joining our team, please email your CV to debra.secunda@amberside.uk

     
  • Amberside 2:34 pm on February 5, 2019  

    Amberside leads on delivery partner engagement with investors for Heat Networks Investment Project – applications now open 

    Amberside Advisors is leading on delivery partner engagement with investors for Heat Networks Investment Project (HNIP) to lever in £1bn of future investment into the heat networks sector. For full details: https://bit.ly/2WFg2ls

    HNIP opens for applications from today – 5 February 2019. The HNIP Application Guidance and key information about the scheme can be found here: tp-heatnetworks.org

     
  • Amberside 5:46 pm on January 10, 2019  

    Liverpool based social business kicks off the new year with £800,000 secured investment 

    CAPACITY: THE PUBLIC SERVICES LAB WAS CO-FOUNDED BY AMBERSIDE ADVISORS

     

    There’s cause for celebration as Capacity: The Public Services Lab enters its third year with £800,000 of investment secured from social investors Big Society Capital. The additional investment signifies clear intent from Big Society Capital who initially backed the organisation following its success in the Business Impact Challenge in 2015.

    Christine Chang, Deputy Chief Investment Officer, Big Society Capital, commented:

    In a short space of time, we have seen Capacity: The Public Services Lab go from strength to strength. Since our first investment in early 2017 Capacity has begun to make progress in altering perceptions of the way public services should be delivered. Capacity is building the credibility of the voluntary, community and social enterprise sector as providers of public services with social investment. We look forward to seeing the outcomes from the next stage of their development.”

    Founded by partners Catch 22, Interserve PLC, Big Society Capital and Amberside Advisors, Capacity: The Public Services Lab exists to help community-based organisations to deliver public services which provide freedom to frontline workers, bringing together the best of the private, public and charity sector to produce better outcomes for communities.

    The organisation will use the funding to expand incubator and accelerator services for community organisations. It will give them the flexibility to recruit staffing resource ahead of growth and to invest in joint venture partnerships with social enterprises and charities.

    Capacity Chief Executive, Chris Catterall said, “I am delighted we have successfully navigated our initial start-up period and that Big Society Capital has agreed to support us during the next stage of our development. Since its inception, Capacity has secured £38m of contracted income and investment for charities and social enterprises and this additional investment from Big Society Capital will allow us to continue to do that at scale.”

    He continues, “Capacity will continue to help community organisations to secure funding and help reform public services, through our recently awarded contract with Wirral Metropolitan Borough Council to re-design Childrens’ Services Early Help and our work with GPs re-imagining and re-organising primary care on Merseyside.”

    Notes:

    About Amberside Advisors

    Amberside Advisors Ltd are one of the founding members of Capacity. AAL is a corporate finance practice with a track record in advising projects that involve public, private and third sector bodies. Amberside are represented on the Board of Capacity by Neil Rutledge FCA.

    http://www.amberside.uk

     

    About Big Society Capital

    Big Society Capital improves the lives of people in the UK by connecting social investment to charities and social enterprises. We know that investment can help charities and social enterprises achieve more. We believe the greatest chance to improve lives comes when investors and enterprises are both motivated by social mission.

    We engage with investors, fund managers, charities and social enterprises to make it easier to use social investment. With our co-investors, we have made over £1.3 billion of new capital available to organisations with a social mission, through investments into fund managers and social banks. We have a special focus on: providing homes for people in need; strengthening communities; and early action to prevent problems.

    http://www.bigsocietycapital.com

     

    About Catch22

    Catch22 is a social business, a not for profit business with a social mission. For over 200 years we have designed and delivered services that build resilience and aspiration in people and communities.

    Our 1600 colleagues work at every stage of the social welfare cycle, supporting 44,000 individuals from cradle to career. Today we deliver children’s social care, alternative education, apprenticeships and employability programmes, justice and rehabilitation services (in prisons and in the community), gangs intervention work, emotional wellbeing and substance misuse programmes.

    http://www.catch-22.org.uk

     

    About Interserve

    Interserve is one of the world’s foremost support services and construction companies. Our vision is to redefine the future for people and places. Everything we do is shaped by our core values. We are a successful, growing, international business: a leader in innovative and sustainable outcomes for our clients and a great place to work for our people. We offer advice, design, construction, equipment, facilities management and frontline public services. We are headquartered in the UK and listed in the FTSE. We have gross revenues of £3.7 billion and a workforce of circa 80,000 people worldwide.

    http://www.interserve.com

     
  • Amberside 1:22 pm on December 18, 2018  

    Equitix and Iona Capital co-fund Bridgwater Energy from Waste project 

    (28 November 2018) Equitix, a leading UK infrastructure investor, and Iona Capital, the specialist environmental investment and fund management firm, announce the acquisition of a £72 million Energy from Waste (“EfW”) facility in Bridgwater, Somerset.

    The 7.75MW Resource Recovery facility will employ up to 25 full-time operational staff and process approximately 100,000 tonnes of commercial and municipal refuse derived fuel (“RDF”) per annum, which would otherwise have been destined for landfill. Construction will commence in Q1 2019 and the facility will begin commercial operation in 2021.

    The project will be delivered under a turnkey design and build contract with STC Power SRL (“STC Power”), a specialist in the supply of small-scale thermal energy plants having delivered 20 facilities since 2001. Pinnacle Power Limited (“Pinnacle Power”) has been appointed as the Operations and Maintenance Contractor. Pinnacle Power is part of the Pinnacle Group and is a provider of construction and operations services for district heat and power projects in the UK. Waste will be supplied by Geminor UK Limited (“Geminor”), a leading exporter and supply of Refuse Derived Fuel (“RDF”), under a long-term waste supply contract.

    Geoff Jackson, Chief Executive Officer of Equitix, said: “This new project marks the latest addition to our growing waste portfolio. This is a sector that we see huge opportunities in and are very excited to be working with our partners, Iona Capital, in developing this top-quality, high-impact facility.”

    Nick Ross, director and co-founder of Iona Capital said: “We are very pleased to partner Equitix in the financing of the Bridgwater project which is the first of a number of planned investments in the EfW sector.”

    Amberside Advisors acted as financial modelling advisors and WSP as technical advisors to the consortium.

     
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CONTACT INFORMATION
Amberside Advisors Ltd
Directors:
Paul Austin FCA, Philip Rhoden FCA, Neil Rutledge FCA, David Scrivens FCA, Richard Turner
Registered Office:
Clubfinance House, 64-66 Queensway, Hemel Hempstead, Hertfordshire, HP2 5HA
Registered in England. Registered Number: 06078852