Two investment firms, Equitix and Iona Capital, have teamed up to back an energy-from-waste (EfW) facility in Bridgewater, Somerset.
The £72m plant will be built under a contract with STC Power SRL, and it will be operated and maintained by Pinnacle Power.
It will deliver 7.75MW of energy and process around 100,000 tonnes of refuse-derived fuel made from commercial and municipal waste supplied by Geminor.
Construction is due to start in early 2019 and become operational in 2021.
Geoff Jackson, chief executive of Equitix, said he saw “huge opportunities” in the EfW sector: “This new project marks the latest addition to our growing waste portfolio.”
Nick Ross, director and co-founder of Iona Capital, said: “We are very pleased to partner Equitix in the financing of the Bridgwater project which is the first of a number of planned investments in the EfW sector.”
Equitix was one of a number of investors that expressed interest in buying Cory Riverside Energy.