UK Green Investment Bank Buys US$71 Million Stake in Waste-to-Energy Plant

The UK Green Investment Bank has committed £47m (US$71 million) of equity to a new 14.85-megawatt waste-to-energy plant in Belfast, Northern Ireland.

The £107m facility will be located adjacent to Bombardier’s wing facility in the city’s Harbour Estate. GIB has made its investment in plant as part of a joint venture – Full Circle Generation – with developer RiverRidge Energy Limited, Equitix and P3P Partners.

The plant, which will be fuelled by feedstock derived from household and commercial waste, is the largest WTE project to be financed in Northern Ireland. The design-build-operate contract has been awarded to Bouygues Energies and Services, which expects the plant to be fully operational by late 2017. The project, which qualifies for the Renewable Obligation scheme, is expected to create around 250 jobs during construction and 20 permanent positions in operations.

A long-term feedstock contract has been agreed with waste management company Pioneer Fuels and a power-purchase agreement has been signed with Bombardier.

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