The Green Investment Bank (GIB) has launched a new fund to support small-scale recycling and waste projects in the UK.
The Recycling and Waste fund will be managed by Foresight Group, which aims to raise at least £50m from the private sector.
Foresight Group said the fund already had an “extensive pipeline” in place.
The move follows the launch in 2014 of another fund for off-shore wind projects.
“Investing our capital through funds has proven to be an important and successful part of our investment strategy, allowing us to back a wider range of smaller projects right across the UK,” said Shaun Kingsbury, chief executive at the GIB (above, left).
The announcement was made by business minister Matthew Hancock (above, centre) during a visit to the Birmingham BioPower project, which was the first gasification development to receive funding from the GIB.
The plant is under construction in Tyseley and, once completed, will process up to 67,000 tonnes of waste wood per year.
Hancock said: “I have been able to see first-hand the work that is being done to get projects off the ground. This state of the art plant in Birmingham will be the first of its kind in the UK.
“It uses a new type of gasification system and will not only power 17,000 homes and recycle waste more efficiently but will also boost the local economy and create 100 local jobs.”