The UK Green Investment Bank (GIB) will be investing £64 million into an energy from waste power plant based in Derby, in partnership with Derbyshire County Council.
The project is the first of its kind, with long term financial backing coming from GIB, as well as Germany’s Bayerische Landesbank and Japan’s Sumitomo Mitsui Banking Corporation.
All three banks are investing a third of the power plant’s total funding. The project will take 32 months to complete and will operate for 25 years.
The new facility will be located in south Derby and will process waste from households throughout the region. The project is expected to supply 14,000 homes with clean electricity and will assume control of Derby and Derbyshire’s household waste recycling centres.
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Business secretary Vince Cable has said, “The UK Green Investment bank, capitalised with £3.8 billion of government funding, has been set up to help businesses make the transition to a green economy right across the country.
“This investment in Derby will secure local jobs and give the city the environmental infrastructure it needs to reduce household waste and generate renewable energy.”
The project will see the employment of 250 people to construct the site, while only 34 staff are required to operate it. The facility will recycle over 35,000 tonnes of waste and will divert over 170 kilotons of waste from landfill each year.
Shaun Kingsbury, chief executive of UK Green Investment Bank, said, “This project provides Derby and Derbyshire with the modern, sophisticated infrastructure it needs to manage its household waste in a way that’s green and affordable.
“Instead of waste being sent to landfill, the project will ensure that more is recycled with the remainder used to create renewable electricity which will be sold to the grid.”
Photo source: UK Green Investment Bank