The means allocated by this financial institution will cover half of the expenses, required to complete the construction of the complex in Hoddesdon.
This Project presents a new stage in the development of the British waste management market, it offers new advanced technologies for commercial waste processing. Besides, it is going to be the first gasification set-up working on fuel derived from reprocessed waste and built by means of the foreign investments. The capacity of the facilities will amount to 10 MB, and the volume of the fuel consumption – 90000 tons. The leading British companies Biffa and Powerday engaged in garbage processing will be the chief suppliers of raw material for the fuel production. The establishment will be situated 22 miles north-east of London, and it is expected to be put into operation in the second half of 2017.
The Investment Fund Foresigt governed by the British Green investment bank will be the chief investor in the construction. These means will complement the means of the recently established fund Recycling & Waste LP, that funds for the most part the minor projects on the garbage collection and its processing, estimated at 30 million pounds.
Shaun Kingsbury, chief executive of the GIB declared that this project will vividly illustrate how the British companies back up the innovative technologies. His point of view is shared by Minal Patel, the director of the fund Foresight. "For many months our company collaborated with our financial partners, contractors and suppliers in order to structure and complete this investment project, which is the first essential step in the investments in the projects on gasification using fuel produced from waste. This investment initiative will become the major stage in ensuring energy independence on a national scale and a key step in waste processing on a local scalez", says she.
The gasification technology for using commercial and industrial waste was created by the companies Biomass Power Ltd. And Bouygues Energy & Services, which are the contractors of the companies EPC and O&M.
According to the project, the ultramodern station is supposed to generate the energy volumes sufficient to supply 7000 households with energy. Besides, it is expected to reduce the degree of greenhouse gas emissions by more than 900 thousand tons, which equals to the annual degree of emissions by 16000 automobiles. Moreover, 110 vacancies and 17 regular appointments will be created during the construction and installation works.
