Green Investment Group invests £38m on energy recovery

Green Investment Group (GIG) is providing £38 million in financing for a large-scale waste-to-energy facility in the UK. It is the first investment under Australian Bank Macquarie’s ownership, prior to […]

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By Priyanka Shrestha

Green Investment Group (GIG) is providing £38 million in financing for a large-scale waste-to-energy facility in the UK.

It is the first investment under Australian Bank Macquarie’s ownership, prior to which it was called the Green Investment Bank.

Wheelabrator Technologies will use the funding for the construction of Ferrybridge Multifuel 2 (FM2) near Knottingley in West Yorkshire, which will have a total capacity of 70MW.

FM2 is being built by Multifuel Energy Ltd (MEL), a joint venture between Wheelabrator Technologies and SSE.

The facility, which will be capable of processing 675,000 tonnes of waste per year, will be located adjacent to the recently decommissioned Ferrybridge C coal-fired power station.

Around 47 new, full-time jobs will be created once operational.