Newbridge Energy will install three wood-chip biomass combined heat and power (CHP) units at Ruthin, northern Wales after receiving a "multi-million pound" investment from Iona Capital Ltd, the UK energy and environmental investment company said last week.
The three units will have a combined capacity of 3 MWe of electricity and 12 MWh of reusable heat. They are expected to come online by the end of 2016 and will qualify for Renewables Obligation Certificates (ROCs) and the Renewable Heat Incentive (RHI) under the UK government's support mechanism for renewable power and heat.
Newbridge Energy will also be doubling the size of its workforce to 48 people over the next six months. The company's main operating subsidiary, Blazer Fuels, is located at Ruthin and produces premium wood fuel pellets and other products from virgin wood offcuts.
"Iona Capital’s investment provides us with the catalyst and the confidence to invest and grow our business," said Phil Wildbur, director of Newbridge Energy. "Newbridge Energy is now well positioned to expand its biomass operations throughout North Wales and become one of the leading biomass and wood chip producers in the area," Wildbur added.
Iona Capital says it has financed over 20 renewable energy projects in Wales, Scotland and England over the past five years.
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