OREANDA-NEWS. ITOCHU Corporation, through a joint venture company, SITA Cornwall Holdings Limited, participates in the variation of Integrated Waste Management Private Finance Initiative (PFI) Contract in Cornwall Council (220 mile west-southwest from London) at UK.

Established in 2006 by SITA UK Limited, a subsidiary of French Suez Environnement, SITA Cornwall Holdings Limited (SITA-Cornwall) provides waste receiving, recycling and landfill services under the original contract for Cornwall Council, where the annual waste production is estimated to be 300,000 tonnes per year.

SITA-Cornwall signed the variation of contract with Cornwall Council, which adds and includes construction and operation of energy from waste facility of 240,000 tonnes per year, which will generate electricity for the equivalent of 21,000 homes. ITOCHU Corporation participates in SITA-Cornwall from the date of the variation contract, and contributes to the operation and execution of the Contract for 26 years, jointly with other sponsors, SITA UK and Lloyds Banking Group.

The Contract expects that the new facility to be operational in 2016, and contributes to minimizing the final waste landfill volume in Cornwall through thermal and material recycling. The NPV of the project cost is estimated to be GBP433M.

This is the second PFI contract for ITOCHU in UK, following participation of South Tyne and Wear Waste Management Partnership, a contract executed in April 2011. ITOCHU plans to contribute to global environment through participating in environment friendly, energy from waste projects.