Less than 10 months after construction commenced on our first Anaerobic Digestion Facility at Marsh Farm near Basildon, BioWatt has completed the refinance of the original pre-construction debt.  As a result, the ongoing cost of finance to the Project has reduced significantly.

The 499KW combined heat and power facility near Basildon is operated by BioWatt FM and originally developed and financed by BioWatt Developments using 100% non-recourse project debt.  Security for the pre-construction loan was taken by the funder over the to-be-built assets and future revenue streams. Construction of the plant began in early June 2016 and attained G59 certification by the end of September the same year.  The remainder of the plant was completed and commissioned over the following 5 months. 

Immediately prior to full operation, BioWatt has secured significantly lower cost refinance debt for 100% of the original loan amount, plus additional funds needed to meet budget shortfalls caused by the sudden drop in value of the pound post Brexit.

” We [BioWatt] have worked extremely hard to build strong, credible relationships with a number of debt and equity funders here in the UK for the construction finance, acquisition and refinancing of Anaerobic Digestion Facilities.  This success represents the swiftest refinance in the UK to date and to a lender providing single digit interest at a much earlier stage in the Project.  Our goal is to create confidence in such lenders and encourage them to step in at increasingly earlier stages in recognition of the lower risk that AD and particularly BioWatt projects represent. ” – BioWatt Founder, James Lloyd.