The UK Green Investment Bank (GIB) and investment firm Equitix have invested £24.5m in the installation of biomass boilers at Bernard Matthews’ turkey farms.
The project includes fitting around 179 biomass boilers across 21 farms in Norfolk, Suffolk and Lincolnshire. Around 40% of Bernard Matthews’ estate will use the renewable energy.
Renewable energy developer Lumicity designed and managed the project.
The GIB claim the new boilers will reduce greenhouse gas emissions, improve heat circulation, reduce ammonia levels and reduce ventilation requirements.
The renewables project will create around 50 jobs, including nine full-time permanent positions.
The Equitix managed fund, Energy Saving Investments (ESI), in which GIB is the cornerstone investor, is investing £12m in the project. This mobilises an extra £12.5m of additional private sector capital from the Equitix Energy Efficiency Fund (EEEF).
Vince Cable, business secretary, said: “Bernard Matthews has seen that energy efficiency makes good business sense and I am confident that more companies will follow.”
Geoff Jackson, chief executive officer, Equitix, said: “We have a strong pipeline of opportunities to deploy GIB funds into future energy efficiency projects alongside additional private sector capital.”
Shaun Kingsbury, chief executive, UK GIB, said: “Across the UK, GIB is starting to see some excellent examples, from farsighted companies, of the commercial benefits that come from investments in energy efficiency and renewable energy generation.
“These benefits can be significant, especially for energy intensive industries, including many parts of the farming industry.”