Waste to energy
Announcements prior to September 2017, including this announcement, occurred under previous ownership.
27 February 2015
The project represents a new phase in the development of the UK waste market with advanced technology combined with a merchant waste supply. It will be the first commercial scale, Refuse Derived Fuel (RDF) gasification plant to be construction financed by third party investors.
The gasification technology, which will treat commercial and industrial waste, will be designed by Biomass Power Limited (based in Stafford), with Bouygues Energy & Services acting as EPC and O&M Contractor.
Over its lifetime, this state-of-the art gasification facility is forecast to:
The 10 MWe plant, developed by AssetGen Partners, will be powered by more than 90,000 tonnes of RDF sourced from the commercial and industrial sectors and supplied by two of the UK’s leading established waste suppliers, Biffa and Powerday.
The plant is to be constructed 22 miles north east of London. Work on the plant will begin shortly and it is expected to begin operations in the first half of 2017.
GIB, through its fund manager, Foresight, is investing £30m in a combination of shareholder loans and equity with co-investors NOY and P3P providing £20m and £10m respectively on the same terms.
GIB’s investment through Foresight is in addition to the recently announced Recycling & Waste LP (RaW) fund, which will target smaller waste and recycling projects up to a total value of £30m.
Vince Cable MP
Business Secretary
Shaun Kingsbury
Chief Executive, UK Green Investment Bank
Minal Patel
Director at Foresight Group
About the project
Total project value: £60.4m
Total GIB indirect investment: £29.9m equity
Investors: GIB, NOY, P3P
Environmental impact: reduction in lifetime greenhouse gas emissions of over 900,000 tonnes, equivalent to taking over 16,000 cars off the road
Energy generation: over 60 GWh of electricity produced per year
Feedstock supply: More than 90,000 tpa supplied by Biffa and Powerday
Developer: AssetGen Partners
Engineering and Technology Provider: Biomass Power Limited
EPC and O&M Contractor: Bouygues E&S UK Ltd
Media enquiries
Foresight Group has been managing investment funds on behalf of institutions and retail clients for 30 years. With a background in Private Equity and Venture Capital, Foresight has diversified activities and today manages institutional funds principally in European Infrastructure (Solar and PPP), Environmental and UK small cap Private Equity, including six years of specific Infrastructure experience. Foresight has in excess of £1.3bn assets under management and boasts one of the UK’s leading Environmental infrastructure investment teams. It is responsible for managing approximately £150m of environmental assets which include the £68m mandate from the UK Government’s Green Investment Bank for UK environmental infrastructure. Foresight also manages the £60m Foresight Environmental Fund (FEF).