Agrivert Group, a UK- based provider of organic-waste technologies, has secured £96m ($150m) refinancing to fund the construction and completion of two waste-to-energy plants, each with a capacity of 3MWe.

The two 40,000t facilities, which are being developed in Hertfordshire and south Wales, England, are scheduled to be commissioned in the middle of 2016.

GCP Infrastructure Investments has agreed to provide £63m to Agrivert in the form of a 17-year, fixed-rate loan.

The existing shareholders raised the remaining amount through reinvestment, enabling Agrivert’s private equity backer, Alcuin Capital Partners, to exit fully.

Advised by Reed Smith, the refinancing will also be used by the company to reduce its capital costs.

Agrivert CEO Alexander Madden said: "This financing has simplified and reduced the cost of our borrowing, as well as provided the funding to support a significant growth of our business.

"We were pleased to work closely with global law firm Reed Smith, who provided strategic counsel on a number of key areas, ensuring the smooth completion of the deal."

Reed Smith has advised in areas relating to project financing, construction, energy and natural resources, property and corporate for Agrivert, while the London-based merchant bank August & Co arranged the transaction.