A facility that converts wood waste into energy in Merseyside has bagged funding worth £110 million.
The UK Green Investment Bank will provide £16.9 million of loans and a further £13.2 equity investment via its Foresight-managed fund, UK Waste Resources & Energy Investments (UKWREI), in which it is the cornerstone investor.
The rest of the £42.1 million is being provided by GCP Infrastructure Investors.
The plant will process 146,000 tonnes of Grade B-C recovered wood every year and provide 20.2MW of power capacity to the grid as well as 7.8MW of thermal energy to an adjacent wood drying facility.
Business Secretary Vince Cable said: “This investment in one of the largest green power plants in the UK will create more than 200 local jobs, cut greenhouse gas emissions and generate enough renewable energy to power 35,000 homes a year.
“The project would not have happened without the Green Investment Bank – it is at the heart of our industrial strategy, improving energy efficiency through innovation and creating sustainable jobs and growth.”
The facility, expected to come online by December 2016, is being developed by Danish company Burmeister & Wain Scandinavian Contractor A/S while the wood is sourced by Stobart Biomass Products.