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Riverside Resource Recovery Facility

Funding

After a protracted period of negotiations Cory reached financial close on the project on 31 July 2008. Successful conclusion of the project through this financing agreement demonstrates Cory's ability and resilience to deliver significant project financed solutions in even the most challenging of financial markets.

Finance is provided by a term facility of up to £470m by the Bank of Ireland, Barclays Capital and Calyon as joint lead arrangers. Cory acted throughout the financing process as sole project sponsor and equity provider. Approximately £80m of equity finance will be provided to the project by Cory.

The underwriting banks were selected by Cory and its corporate shareholders, long-term infrastructure investors ABN Amro Global Infrastructure Fund, Finpro SGPS and Santander Private Equity, through a competitive process.

Financial advice was provided by PricewaterhouseCoopers (PwC). The raising of finance took approximately a year, reflecting both the complexity of the project and the impact of the credit crunch on the financial markets.

As part of the project finance process, Cory has been involved in extensive due diligence, working with the following team of advisors:

Financial PricewaterhouseCoopers
Legal Ashurst
Technical Fichtner Consulting Engineers
Insurance Willis