Mount Street Madrid successfully structured a funding solution for Cointer
- In 2020, a consortium comprised of Cointer (60%) and Proyecto Azatia (40%) was awarded a 10-year contract with the Mogán council, in Las Palmas de Gran Canaria, for municipal solid waste collection and cleaning services. The consortium is responsible for acquiring and managing all the required equipment and hiring the necessary personnel for the activity. The new facilities, substantially more environmentally friendly than the existing ones, will allow the municipality, located in an area of spectacular natural beauty, to carry out the waste collection with a reduced carbon footprint and environmental impact.
- Waste collection is core to Cointer’s strategy and Gran Canaria is not the only project Cointer is working on with Spanish municipalities.
- Mount Street, acting as Financial Advisor, has helped Cointer to design, structure and place the financing to achieve an innovative solution for the Sponsors.
- A ring-fenced financing for 8 years to acquire the collection trucks and equipment was successfully closed with Société Générale Equipment Finance for a total of €7m under a leasing scheme. Agency role will be taken by Sanne.
- The success of the deal lies in having used conventional credit instruments to achieve a ring-fenced, off-balance sheet funding solution which Cointer intends to replicate for other opportunities/transactions.
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