A £138 million combined heat and power (CHP) plant is to be built in Northumberland.
The Cramlington CHP facility is expected to have a capacity of 27.7MW and generate 213GWh of electricity annually. That’s enough to power 52,000 homes per year.
It will also reduce around 56,000 tonnes of carbon emissions annually – equivalent to removing 25,000 cars off the road.
The UK Green Investment Bank (GIB) is providing £21 million for the project and John Laing another £27 million. Barclays is providing the remainder of the funding.
The pharmaceutical sector in the area will benefit from the electricity generated, according to the GIB.
Ed Northam, Head of Investment Banking at the GIB said: “The Cramlington plant promises to create local jobs, support an industry whose vitality is essential to the growth of the regional economy and help cut UK greenhouse gas emissions while promoting the country’s adoption of green energy sources.”