Green Investment Group announces £38mn to energy recovery facility

By Jonathan Dyble
The Green Investment Group (GIG), a market leader in the financing of green infrastructure projects, has announced a £38mn investment into a waste-t...

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.”

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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.

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