The Green Investment Bank (GIB) has partnered with Irish utility Electricity Supply Board (ESB) to invest in a £190m renewable power facility at the port of Tilbury in Essex, which will process waste wood supplied by Stobart Biomass.
The GIB and ESB are each committing £35m in a combination of equity and shareholder loans. It is the first time ESB has invested in the UK waste and bioenergy sector.
The Tilbury Green Power facility is expected to generate 300GWh of electricity a year when it is commissioned in early 2017. Up to 370 jobs will be created during the construction phase and nearly 50 permanent jobs in on-going operations.
Stobart will be providing 270,000 tonnes a year of waste wood for the project, sourced from the local catchment area and processed on-site.
BWSC has been appointed engineering, procurement and construction contractor and operations and maintenance provider.
Senior debt funding is being provided by Eksport Kredit Fonden, Investec and Rabobank.
Shaun Kingsbury, GIB chief executive, 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.”