GIB and Equitix provide £15m loan to Sheffield biomass plant

Green Investment Bank and Equitix Energy Efficiency Fund have provided £30m to support the construction of a 6.5 MW biomass plant.

The Sheffield plant, which is billed as CHP ready, is expected to provide over 6.5 MW of power capacity, while also supplying heat to more than 6,700 homes and businesses in the local area.
Set to open in March 2017, the facility is expected to cut greenhouse gas emissions by around 12,700 tonnes each year.

Engineering firm UYE has received £14.6m of investment from the GIB and £15m of private capital provided by EEEF in its efforts to develop the plant.

"We are very pleased to help UYE realise its vision of a highly-efficient, smaller-scale, CHOP ready plant," said Ed Northam, head of investment banking at the GIB. "It is a project that typifies the role of the GIB in helping developers to utilise innovative technology to create new sources of green power to cut carbon emissions and create important local benefits for communities."

The facility will use a biomass boiler and flue gas cleaning systems and will sell electricity to GDF Suez UK under a long-term agreement, the companies said.

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