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Green Investment Bank is to invest a 40MW waste biomass

Thu-01-1970 Green Investment Bank is to invest a 40MW waste biomass

The UK Green Investment Bank and Irish utility ESB are to invest a combined £70m in a 40MW waste biomass facility at the Port of Tilbury in Essex. The £190m Tilbury Green Power plant is expected to generate 300GWh of green electricity per year when it is commissioned in early 2017. Denmark’s Burmeister & Wain Scandinavian Contractor has been appointed EPC contractor and O&M provider for the project. GIB and ESB are each committing £35m in a combination of equity and shareholder loans with an additional £2m participation from technology provider Aalborg Energie Technik. Senior debt funding is being provided by Eksport Kredit Fonden, Investec and Rabobank. The funding agreement marks ESB’s first investment in the UK’s waste and biomass sector.

Up to 370 jobs will be created during construction of the facility and nearly 50 permanent jobs in on-going operations. GIB chief executive Shaun Kingsbury (pictured) said: “The Tilbury project is well placed to capitalise on the UK’s largest regional waste wood market, generating green electricity and creating local employment from London’s waste resources. “The project is also important for marking the first investment of the Irish electricity utility ESB in UK waste and biomass infrastructure.”

Source: http://ukrfuel.com/news-green-investment-bank-is-to-invest-a-40m-35.html

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