PwC Lead Advisory advises abrdn and TCED on Deeside AD project
PwC UK’s Lead Advisory team is pleased to announce that it acted as lead financial advisor to abrdn and The Circular Economy Development Limited (“TCED”) on reaching financial close for the Deeside Anaerobic Digestion (AD) project, the development of a state-of-the-art facility to produce biogas from food waste at Deeside, North Wales.
The project is being financed through a combination of a construction loan facility from Deutsche Bank, a loan facility from Rubicon Infrastructure and Energy Transition Debt Fund, and equity contributions from abrdn.
“This was an important transaction for us, in a sector that supports the energy transition and helps our investors achieve their goals. PwC provided valuable support throughout what was a complex deal. We are very pleased to have worked with PwC on this transaction and with the outcome achieved.”
The Deeside project is a key milestone for TCED, a company whose unique selling proposition is decarbonising high-energy users by developing a fleet of carbon-negative renewable energy plants. By converting food waste into renewable energy and green fertiliser, this facility will play a crucial role in reducing emissions and supporting the UK’s transition to a circular economy.
The PwC team advising on the deal included Matt Denmark, Rod Cameron, Michael Allen, Anah Karim and Ben Barron.
“We are delighted to have advised the sponsors on reaching financial close on the Deeside AD project. This is a great project which supports industrial decarbonisation in the Deeside area as well as providing new capacity for the treatment of food waste. The project also demonstrates the strength of interest in the biogas sector among investors.”
