A Welsh renewable energy company has sold a straw-fired power plant to a coalition of Danish investors for £160 million.

The Snetterton biomass plant in East Anglia will use local straw and have a capacity of 44.2MW – enough to power around 82,000 homes, Cardiff-based Eco2 said.

It is also expected to cut carbon emissions by 300,000 tonnes.

PensionDanmark and BWSC confirmed they reached financial close on the project, which is due to be completed by spring 2017.

Darren Williams, Commercial Director at Eco2 said: “Building the plant will result in an £11 million annual investment in the East Anglian agricultural economy from fuel supply contracts by sourcing all straw from within the region where possible.

“[It] will provide up to 36 permanent jobs when operational, plus a further 50 jobs in fuel transportation.”