GIB to provide GBP 20m for UK waste-to-energy scheme

Nov 29, 2013 - UK's Green Investment Bank (GIB) said Thursday it would invest GBP 20 million (USD 33m/EUR 24m) in a waste-to-power project in South West England.

The Severnside Energy Recovery Centre, to be constructed in South Gloucestershire, is estimated to require a total investment of GBP 244 million, including costs related to a rail interchange that will be installed alongside the plant. The project is part of a 25-year contract between the West London Waste Authority and a tie-up led by SITA UK, Scottish Widows Investment Partnership (SWIP) and Japan’s Itochu Corp (TYO:8001).

When up and running, the waste-to-power installation will be able to convert up to 300,000 tonnes of residual household waste into power, which will be enough to supply 50,000 households, while offsetting over 2 million tonnes of carbon dioxide (CO2) emission during the term of the contract. The waste will be gathered from six West London boroughs.

Lenders Credit Agricole Corporate & Investment Bank, Bank of Tokyo-Mitsubishi UFJ Ltd, Sumitomo Mitsui Banking Corp and Mizuho Bank will also provide funding for the project.

(GBP 1.0 = USD 1.634/EUR 1.201)

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