A waste power plant in West Yorkshire is getting funding from the UK’s Green Investment Bank.

The site in South Kirkby, West Yorkshire will recycle, treat waste and generate sustainable power in Wakefield from roughly 200,000 tonnes of solid municipal trash.

Shanks Group signed a 25 year contract with Wakefield Council worth an estimated £750million to run the plant.

In one of its first investments in the sustainable sector, the GIB will loan up to £30.4m to the project, while three other banks – BayernLB, Sumitomo Mitsui Banking Corporation and Barclays Bank – are contributing a total of £121.7m.

Lord Smith of Kelvin, Chair of the UK Green Investment Bank said: “Each year the UK generates approximately 190 million tonnes of waste, which causes environmental damage and costs businesses and consumers money.  The UK Green Investment Bank is committed to reducing the amount of waste which goes to landfill, supporting the UK in its transition to a low carbon economy, whilst driving a commercial return for the bank.”