Energy from waste plant gets £35m investment
The Green Investment Bank (GIB) has committed £35 million for an energy from waste plant in North Wales.
The 18.8MW Wheelabrator Parc Adfer facility in Flintshire will cost a total of £180 million and reduce greenhouse gas emissions by around 21,000 tonnes annually.
It is expected to be built by the end of 2019, when it will generate 133GWh of power each year, enough to supply more than 30,000 homes.
It is also expected to support hundreds of jobs during construction and 35 full-time positions once opened.
Other investors in the project include Mitsubishi UFJ Financial Group, Siemens Bank, Natixis and Barclays.
The facility is being built and operated in partnership with five local authorities in North Wales.
Edward Northam, Head of Investment Banking at GIB, said: “Parc Adfer is likely to be one of the last local authority waste public-private partnership projects to reach financial close in the UK, bringing a 20-year programme to an end and ushering in a new era of waste infrastructure financing.
“Investors are already turning their attentions to the opportunities presented by new merchant infrastructure, which we believe could require up to £3.6 billion of additional funding by 2020.”
Another energy from waste plant with a capacity of 15MW is to be built in Cardiff.