REG gets GBP 4.8m in funding for 18-MW UK bio-power project

Oct 10, 2014 - UK-based Renewable Energy Generation Ltd (LON:WIND), or REG, said today it had secured GBP 4.8 million (USD 7.7m/EUR 6m) in project financing for an 18-MW bio-power scheme in Yorkshire.

REG has agreed the funding with Caterpillar Financial Services, a unit of US industrial group Caterpillar Inc (NYSE:CAT). The loan has a 7-year repayment term.

The bioenergy facility is located at Whitemoor Business Park near Selby and comprises ten Cat 3516 B-HD engines. It will use REG’s LF100 fuel which is recovered from recycled waste cooking oil. The plant is in its final stages of testing and is seen to commence operations by the end of the month. It will supply power under the short-term operating reserve (STOR) service of UK electricity and gas utility National Grid Plc (LON:NG).

REG’s CEO Andrew Whalley said in a press release that this is the largest generating project the company has ever built.

(GBP 1.0 = USD 1.604/EUR 1.270)

Choose your newsletter by Renewables Now. Join for free!