Main contractor on Belvedere facility misses stage payment due on Friday

The main contractor on the Belvedere waste-to-energy facility has missed its 拢2.6m stage payment to Costain, which was due on Friday 10 December.

Costain had warned earlier this month that AE&E Innova owes it 拢22m in revenue that has already been booked.

AE&E Innova hit problems at the end of last month when its parent company AE&E Group  filed for insolvency proceedings. AE&W Inova still continues to trade.

In a statement to the City this morning Costain said: 鈥滱E&E Inova is continuing to trade and has advised Costain that in relation to their search for a new investor it has 鈥渂inding offers from well-known strategic investors鈥�. In addition they have indicated that 鈥渢hey are working to an aggressive timetable鈥� and 鈥渁re confident that they will now be able to secure their future鈥�.

鈥淯nder the Belvedere sub-contract, the 拢2.6m stage payment due to Costain on Friday 10 December has not yet been received. Costain is maintaining an active dialogue with AE&E Inova as the Swiss-based company seeks to secure its future and meet its obligations and, in addition, Costain continues concurrent and positive discussions with Cory Environmental, for whom the Belvedere facility is a development project, regarding payments and completion of the project.

Topics