An investment bank has announced a £900 million investment for a combined heat and power plant in North-East England.
Macquarie will provide the funding to help the construction of the 299MW biomass CHP plant.
The construction of Tees Renewable Energy Plant is expected to be completed by 2020. It will be developed by company MGT Power.
Macquarie will own a 50% stake in the project, Danish pension fund PKA will own the remaining 50% stake.
Mark Dooley, Head of Infrastructure, Utilities and Renewables said: “Macquarie Capital has invested more than €1.2 billion (£1.03bn) in European renewables projects valued at over €4.7 billion (£4.04bn) over the past three years demonstrating our ongoing commitment to the sector”.