UK pledges £50m for small-scale waste projects
The waste to energy sector is getting a boost, thanks to a £50 million investment announced today.
The Green Investment Bank (GIB) will provide financial help for smaller-scale recycling and waste projects across the UK.
The announcement was made by Business Minister Matthew Hancock during his visit to the £47 million Birmingham BioPower plant, currently under construction in Tyseley.
Once operational, the project will divert up to 67,000 tonnes of recovered wood from landfill every year and generate enough electricity to power 17,000 homes.
The new fund – Recycling and Waste LP (RAW) – will be managed by Foresight Group and is expected to raise at least an extra £50 million from private sector investors to match GIB’s investment.
Business Minister Matthew Hancock said: “This investment by the Green Investment Bank will be used to fund bio power projects that will put the UK at the forefront of this innovative green technology, turning local waste wood to electricity.”