Cory Riverside Energy, the recycling company backed by Strategic Value Partners (SVP), has completed a £520m debt refinancing package for its Belvedere plant in London, which produces energy from waste.

Existing senior term debt was refinanced with a £420.5m multi-tranche senior facility and a £98m junior facility. The refinancing was backed by banks and institutional investors.

The package will include a £322.5m seven-year senior term loan, a 13-year amortising senior institutional facility of £98m and a seven-and-half-year junior facility of £98m. The package has a yielding structure that removes the cash sweep from the original debt package.

Cory Riverside Energy is majority-owned by SVP and is also backed by EQT Services and Commerzbank. The company is led by chief executive Nicholas Pollard. Rothschild advised on the deal.