GIB backs 43MW Kemsley bio
Financial close for £340m CHP project in England
The UK Green Investment Bank has agreed to provide £80m in debt to help build the 43MW Kemsley waste-to-energy facility in England.
The 18-year term loan will support the £340m combined heat and power plant near Sittingbourne in Kent developed by Wheelabrator Technologies, the bank said.
Overall, the project will receive more than £300m of debt from the GIB, Barclays, Bank of Tokyo-Mitsubishi UFJ, Natixis and Investec.
The plant will generate renewable electricity for the grid and heat for DS Smith´s Kemsley Paper Mill in Kent using 550,000 tonnes of waste each year.
French company CNIM Group aims to complete it in 2019.
The facility is the first large-scale waste-to-energy project supported by the UK´s Contracts for Difference mechanism.
“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,” GIB chief executive Shaun Kingsbury said.
"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.”
Image: Wheelabrator Technologies