Renewable energy-focused private equity firm Foresight Group has partnered with the UK Green Investment Bank to invest £20m for the construction of the Evermore Renewable Energy wood-fuelled biomass plant in Londonderry, Northern Ireland.
Co-investment for the combined heat and power (CHP) 15.8MW plant has also been sourced from the GCP Infrastructure Fund and Burmeister & Wain Scandinavian Contractor.
The project, which is the GIB’s first investment in Northern Ireland, will be the biggest renewable energy plant in the region, increasing renewable generation in the country by around ten per cent.
Green investment Bank CEO Shaun Kingsbury said, ‘Our mission is to crowd in private sector capital, so I’m especially pleased to see that every pound of GIB investment brought in more than £3 of private funding.’
A total £81m is required for the project, which will divert more than two million tonnes of wood from landfill.
Private equity firm Foresight made the investment through its UK Waste Resources & Energy Fund – in which the GIB is a cornerstone investor.
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