Green Investment Group announces £38mn to energy recovery facility
The Green Investment Group (GIG), a market leader in the financing of green infrastructure projects, has announced a £38mn investment into a waste-to-energy facility in the UK.
The company, run by a Macquarie-led consortium, has led over £15bn of investment into UK green infrastructure, having provided funding to over 30 waste and biomass projects and 60% of the UK’s offshore wind generation capacity.
“The key measure of GIG’s success will be in making or arranging new investments,” said Mark Dooley, Head of Energy and Infrastructure at Macquarie Capital Europe.
“We have set ourselves an ambitious target of leading £3 billion of investment in green energy projects over three years and the completion of this transaction under Macquarie ownership is our first step.”
Once operational, the facility will generate power for UK homes and businesses, with an energy capacity of 70MW to be generated from 675,000 tonnes of waste on an annual basis.
“This first transaction under Macquarie ownership builds upon our well-established investment strategy,” said Edward Northam Head of the Green Investment Group.
The company tasked with construction is Multifuel Energy Ltd., a joint venture between equal partners Wheelabrator Technologies and SSE plc.
“Working with Wheelabrator Technologies, we have helped finance the construction of major new energy infrastructure in West Yorkshire and facilitated the continued growth of the UK merchant energy-from-waste market,” Northam continued.
GIG’s investment is only a part of the funding required for the £207mn facility, with other lenders including MUFG, Crédit Agricole Corporate & Investment Bank, Investec Bank plc and Banco de Sabadell SA.
The facility will provide 47 full time jobs once fully operational.
Toyota unveils electric van and Volvo opens fuel cell lab
Toyota is launching its first zero emission battery electric vehicle, the Proace Electric medium-duty panel van, across Europe.
The model, which offers a choice of 50 or 75kWh lithium-ion batteries with range of up to 205 miles, is being rolled out in the UK, Denmark, Finland, France, Germany, Italy, Spain and Sweden.
At present, alternative fuel vehicles (AFVs, including battery electric vehicles) account for only a fraction – around 1.8 per cent – of new light commercial van sales in the UK, but a number of factors are accelerating demand for practical alternatives to vans with conventional internal combustion engines.
Low and zero emission zones are coming into force to reduce local pollution and improve air quality in urban centres, at the same time as rapid growth in ecommerce is generating more day-to-day delivery traffic.
Meanwhile the opening of Volvo's first dedicated fuel cell test lab in Volvo Group, marks a significant milestone in the manufacturer’s ambition to be fossil-free by 2040.
Fuel cells work by combining hydrogen with oxygen, with the resulting chemical reaction producing electricity. The process is completely emission-free, with water vapour being the only by-product.
Toni Hagelberg, Head of Sustainable Power at Volvo CE, says fuel cell technology is a key enabler of sustainable solutions for heavier construction machines, and this investment provides another vital tool in its work to reach targets.
"The lab will also serve Volvo Group globally, as it’s the first to offer this kind of advanced testing," he said.
The Fuel Cell Test Lab is a demonstration of the same dedication to hydrogen fuel cell technology, as the recent launch of cell centric, a joint venture by Volvo Group and Daimler Truck to accelerate the development, production and commercialization of fuel cell solutions within long-haul trucking and beyond. Both form a key part of the Group’s overall ambition to be 100% fossil free by 2040.