Prestige Funds to provide GBP 23m in financing for UK biogas project

Food waste. Author: Taz. License: Creative Commons. Attribution 2.0 Generic

April 3 (Renewables Now) - UK private finance provider Prestige Funds will support the construction of a 2.5-MW renewable gas-to-grid anaerobic digestion (AD) plant in England through a GBP-23.2-million (USD 30.5m/EUR 27.1m) loan.

The biogas plant will be built at a site in Kent County and will run 100% on food and animal waste sourced from the local community and businesses. The construction process is expected to take 20 months to complete.

Prestige, which has approved GBP 40 million of new lending to AD projects in January and February alone, is funding this scheme through Privilege Development Finance Limited.

The latest deal by Prestige Funds follows the UK government’s announcement that it will allocate funding for local municipal council authorities to initiate weekly food waste collections for all homes across England.

(GBP 1.0 = USD 1.316/EUR 1.170)

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