UK Farmgen gets GBP 2.1m funding for anaerobic digestion plant
(ADPnews) - Nov 9, 2010 - UK clean energy firm Farmgen said on Monday it had obtained GBP 2.1 million (USD 3.4m/EUR 2.4m) credit from the UK Co-operative Bank (LON:CPBB) to build and operate an anaerobic digestion plant in Preston, England.
Farmgen CEO, Ed Cattigan, said the 11-year loan has been extended on the grounds of the project's business plan.
The 20-year feed-in-tariff scheme was key point to securing the loan, the company said.
Farmgen has received financing also by a group of private investors.
The plant is expected to become operational in the spring of 2011 with a capacity of 800 kW, generating energy enough to supply 1,000 households.
Marks & Spencer (LON:MKS) will buy power from the facility at a fixed price under a five-year contract.
Farmgen considers to invest GBP 30 million to set up a number of farm-based anaerobic digestion plants.