Costain awaiting payment on Belvedere waste-to-energy project
14 Dec 2010
London – Costain is still awaiting payments from AE&E Inova AG, with whom it has a sub-contract for a major part of the works at the Belvedere energy-from-waste facility.
AE&E Inova is continuing to trade and has advised Costain that in relation to their search for a new investor it has “binding offers from well-known strategic investors”, said Costain.
The client, it added, has also indicated that “they are working to an aggressive timetable” and “are confident that they will now be able to secure their future”.
Under the Belvedere sub-contract, the £2.6 million stage payment due to Costain on 10 Dec has not yet been received.
Costain said it is maintaining an active dialogue with AE&E Inova as the Swiss-based company seeks to secure its future and meet its obligations.
Meanwhile, Costain is also continuing discussions with Cory Environmental, for whom the Belvedere facility is a development project, regarding payments and completion of the project.
