UK Green Investment Bank (GIB) has approved a senior debt of £80M for the construction of a new energy from waste combined heat and power (CHP) facility near Sittingbourne in Kent, UK.
The £340M facility is expected to generate up to 154GWh of renewable energy annually — enough to power 37,500 homes.
The 43MW plant is also expected to help reduce greenhouse gas emissions by over 163,000t annually and eliminate around 0.5M t of waste going to landfill.
Upon completion, it will supply renewable electricity to the grid and renewable heat to DS Smith’s Kemsley Paper Mill.
GIB CEO Shaun Kingsbury said: “This plant will put renewable energy to work for one of Kent’s major employers while helping the UK meet its climate change and waste management goals.
“Combined heat and power is a prominent feature of the low-carbon energy infrastructure in mainland Europe and Scandinavia and is one of the key technologies that can help British industry become more efficient, competitive and cleaner.”
The project developer Wheelabrator Technologies has received over £300M of debt so far from a lending club that includes GIB alongside Barclays, Bank of Tokyo-Mitsubishi UFJ (BTMU), Natixis and Investec.
The facility will create about 500 construction jobs and around 40 full-time operational jobs upon completion. The plant is anticipated to be operational in 2019.
* Data provided by Timetric's Construction Intelligence Center.