Evermore renewable energy project secures major investment

Source:UK Green Investment Bank

Foresight Group (Foresight) and the UK Green Investment Bank plc (GIB) have announced the investment of £20 million (US$30.4 million) into the construction of the 15.8MWe wood fueled Evermore renewable energy combined heat and power (CHP) station to be built in Northern Ireland.

The Foresight managed fund, UK Waste Resources & Energy Fund (UKWREI), in which GIB is the cornerstone investor, has made the investment, which is the first GIB funded project in Northern Ireland.

Foresight has sourced co-investment from GCP Infrastructure Fund Limited (GCP) and Burmeister & Wain Scandinavian Contractor A/S (BWSC) and worked alongside Investec Bank plc (Investec Bank) and Eksport Kredit Fonden (EKF) in structuring and financing the project.

The Evermore project, which is expected to become operational during 2015, is forecast to be the largest renewable energy project in Northern Ireland, increasing the amount of renewable electricity currently generated in Northern Ireland by approximately 10%. 

Over the expected 20 year lifetime of the project, it is forecast to supply renewable electricity equivalent to the needs of more than 25,000 homes a year, create 200 construction jobs and more than 20 full time jobs once operational. Over the project life it is forecast to save 2 million tonnes of wood from going to landfill and is expected to deliver a reduction in greenhouse gas emissions of around 3.7 million tonnes.

The electricity will be supplied to the national grid and the heat output will be used by an integrated wood drying facility, supplying fuel for new biomass boilers within Northern Ireland. The project will be fuelled by around 110,000 tonnes per annum of wood secured under a long-term fuel supply contract from Stobart Biomass.  (Click to enlarge  Evermore INFOgraphic below)

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