The UK Green Investment Bank (GIB) is investing £64 million in a waste-to-energy project in Derby.
It is providing a third of the financing for the £195 million facility alongside Germany’s Bayerische Landesbank and Japan’s Sumitomo Mitsui Banking Corporation.
The facility – being developed by Derby City and Derbyshire County Councils alongside Interserve and Shanks Group – is expected to divert up to 98% of residents’ waste from landfill.
It will recycle more than 35,000 tonnes of rubbish every year while also generating enough electricity to power around 14,000 homes.
Business Secretary Vince Cable welcomed the announcement, adding: “This investment in Derby will secure local jobs and give the city the environmental infrastructure it needs to reduce household waste and generate renewable energy.”
The facility is scheduled to be completed by April 2017.