UK’s green bank backs Welsh CHP plant
A 5.4MW combined heat and power (CHP) plant in north Wales will receive an investment worth £25 million.
The money from the Green Investment Bank (GIB) and Equitix will support the construction of the facility, which is expected to generate around 34GWh of clean electricity per year.
That’s equivalent to powering 2,400 homes annually.
The Wrexham project is also expected to reduce around 6,000 tonnes of carbon emissions annually.
Equitix-managed fund Energy Savings Investment, in which GIB is a cornerstone investor, is investing £12.25 million in the project.
An additional £12.75m of private capital has been mobilised from the Equitix Energy Efficiency Fund.
GIB expects the project to create around 60 new jobs.
Edward Northam, Head of Investment Banking at GIB, said: “Britain’s manufacturing businesses consume huge amounts of heat every year, much of it from non-renewable sources. Dual-purpose plants like Wrexham, which are capable of generating renewable electricity and heat for the benefit of local industry, play an important role in greening the UK economy. Heat isn’t just a bi-product of the electricity generation process; it is a valuable source of energy in itself.”