Construction News

24/03/2015

ESB And UK GIB Announce £1.9m Investment

Irish energy company ESB has entered a joint venture with the UK Green Investment Bank plc (GIB) to invest in a new £1.9 million renewable power facility in Essex.

The facility, at the Port of Tilbury, involves the two firms each committing £35m in a combination of equity and shareholder loans, with an additional £2m participation from technology provider Aalborg Energie Technik A/S. Senior debt funding is being provided by (EKF) Eksport Kredit Fonden, Investec and Rabobank.

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The Tilbury Green Power facility is expected to generate 300GWh of green electricity per year, enough to power more than 70,000 homes, when it is commissioned in early 2017.

Up to 370 jobs will be created during the construction phase and nearly 50 permanent jobs in on-going operations. Stobart Biomass will be providing 270,000 tonnes per year of waste wood fuel for the project, sourced from the local catchment area and processed at an onsite facility.

(CD/IT)

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