Milsted Langdon experts called in to secure future of renewable energy project

Two experts from award-winning chartered accountancy firm Milsted Langdon have been appointed to help ensure the future of a planned waste to renewable energy project in East London.

Simon Rowe and Rachel Hotham have been appointed as administrators of Biossence (East London) Limited (BEL) which was responsible for the East London Sustainable Energy Facility (ELSEF) in Dagenham.

The London Waste and Recycling Board (LWARB), which promotes waste reduction and increased recycling and renewable energy production in London, provided funding to BEL to establish a facility at the site which would turn waste into energy using gasification technology. The site has planning consent and ELSEF has an environmental permit to process up to 130,000 tonnes of solid recovered fuel annually.

However, the project stalled late last year when BEL’s investors concluded that they were unable to meet their own targets in respect of ELSEF and informed LWARB of their desire to withdraw.

Simon Rowe said: “LWARB assumed control of the project and is keen to see it achieve its original objective, which is to process a waste derived fuel and produce renewable energy.

“It was decided that the best way to do this was to put the project into administration and our role now is to look at the best way to move the project forward in its current form, with the involvement of new investors, or whether it would be more beneficial to sell the site to an alternative buyer.”

Posted in Press Releases.