The Green Investment Bank (GIB) has announced a £47.8m investment that will help construct an innovative renewable energy plant in Tyseley, Birmingham. The project could help save 107,000 tonnes of carbon dioxide emissions and power thousands of homes.
Investing alongside the Foresight Group and a consortium of other investors, the GIB will help fund a new recovered wood gasification plant that will be the first of its kind in the UK.
Shaun Kingsbury, chief executive of the GIB, said, “As the UK works towards its targets to generate more power from green sources, it’s important that we bring on new technologies.
“I’m pleased the Green Investment Bank has been able to support the first gasification plant of its kind in the UK and hope it offers a positive demonstration effect that others will follow.”
Gasification is a recent technique tested in the US, where thanks to the thermal treatment of waste, the organic material in waste is converted into a gas, which is then used to obtain steam. The steam is passed through a turbine to create electricity.
The plant will be operational from 2016 and will require at least 100 jobs in the construction phase, as well as 19 full-time members of the staff once functional.
It will power around 17,000 homes each year with renewable electricity and prevent 107,000 tonnes of CO2 from entering in the atmosphere.
Business secretary Vince Cable commented, “It is encouraging to see this innovative new technology coming to the UK for the first time. This investment will create green jobs and help the environment by reducing carbon emissions and converting wood diverted from landfill into cleaner energy for thousands of homes and businesses.
“It is also good news for the local area helping to build a stronger economy by creating over 100 private sector jobs in Birmingham.”
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