The project is a 28-year public private partnership (PPP) contract to design, build and operate a new waste treatment facility for Essex County Council and Southend-on-Sea Borough Council.
Under the joint venture, Balfour Beatty will take the lead on construction and Urbaser will operate the completed facility. Urbaser is the majority shareholder in the 70/30 partnership.
Balfour Beatty will invest approximately £7m for its 30% equity stake. Financial close is expected by June 2012. Construction should be finished by mid 2015.
Once operational, the facility should be capable of treating up to 417,000 tonnes of municipal waste a year. As well as treating waste, the facility will incorporate a visitor and education centre.
Today's announcement comes just three weeks after Balfour Beatty and Urbaser were awarded Gloucestershire's 28-year residual waste project.
Balfour Beatty chief executive Ian Tyler said: "Much like the Gloucestershire project, the Essex award demonstrates the breadth and flexibility of our investment business model and further strengthens our position in the growing waste sector.
"This project will play a major role in delivering Essex and Southend-on-Sea's waste management strategies, as well as providing a boost to the local economy through construction-related jobs and full-time employment and apprenticeship positions once the facility is operational."
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