Published on October 7th, 2016 | by Joshua S Hill0
UK Green Investment Bank Invests £28 Million In Energy-From-Waste Plant
October 7th, 2016 by Joshua S Hill
The UK Green Investment Bank has committed £28 million in debt financing to help fund a £142 million energy-from-waste project being developed near Edinburgh, Scotland.
Announced on Thursday, the UK Green Investment Bank (GIB) — which is wholly owned by the UK Government for the purpose of backing green projects and mobilizing private sector finance — committed to £28 million in debt financing to fund the energy-from-waste (EfW) plant set to be developed by Spanish environmental services company FCC Medio Ambiente SA. The Zero Waste: Edinburgh and Midlothian is a joint project between the City of Edinburgh Council and Midlothian Council, and upon completion is expected to process up to 155,000 tonnes of non-recyclable waste per year, with a capacity of 14.1 MW, enough to generate 94,000 MWh of electricity annually.
Construction of the project will begin immediately, and in the process will provide for approximately 350 jobs during the construction phase, and another 40 jobs when the plant becomes operational upon completion in 2019.
“We are supportive of steps taken in Scotland to drastically reduce the amount of waste sent to landfill,” said Ed Northam, Head of Investment Banking, GIB. “It’s important that materials are re-used and recycled wherever possible, but it’s equally important that infrastructure is developed to increase the amounts of energy recovered from waste that can’t be reprocessed. The Millerhill plant will aid that process greatly and help ensure landfilling in Scotland continues to fall.”
“I am pleased that FCC will now be able to begin work on this state-of-the-art facility,” added Councillor Lesley Hinds, Environment Convenor, City of Edinburgh Council. “In Edinburgh we have made great progress to increase the amount of waste we recycle and this new facility will provide a sustainable way of disposing of any waste that can’t be recycled by using it as an energy source for locally-generated heat and power.”
This marks the 18th project the Green Investment Bank has invested in.