The Green Investment Bank (GIB) completed its first investment in NI in July 2013.
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Through a fund managed by Foresight, the bank invested £20m to build a combined heat and power station at Lisahally – the Evermore Renewable Energy plant.
Foresight also sourced investment from GCP Infrastructure Fund and Burmeister & Wain Scandinavian Contractor, and worked alongside Investec Bank and Eksport Kredit Fonden in structuring and financing the project.
Work is underway at a 10-acre site on land owned by Londonderry Port and Harbour Commissioners. The facility will use some 110,000 tonnes of waste wood from the construction and demolition industry to produce electricity and heat, with a capacity of 15.8MWe a year.
Getting finance for the project was extremely difficult, explains project developer Ciaran Devine.
“A lot of the UK mainland funders wanted a project that was more than £100m in capex. We had to find some of the players that understood the NI landscape,” he said.
“The GIB became involved quite near the end. We were very impressed with their knowledge of the NI electricity market and of the technology “