GIB to fund first waste project in Northern Ireland

The Londonderry-based Evermore Renewable Energy 15.8MWe combined heat and power (CHP) plant will divert two million tonnes of wood from landfill over its lifespan around 100,000 tonnes per year as well as increasing electricity generation in the region by an estimated 10%.

Due to become operational in 2015, the 81 million 20-year project is expected to create 200 construction and 20 permanent jobs, as well as deliver a reduction in greenhouse gas emissions of approximately 3.7 million tonnes.

As the cornerstone investor of the Foresight managed UK Waste Resources & Energy Fund (UKWREI), it marks the first Northern Ireland-based project to be funded by GIB.

To structure and finance the project, Foresight also sourced co-investment from GCP Infrastructure Fund Limited (GCP) and Burmeister & Wain Scandinavian Contractor A/S (BWSC), while working alongside Investec Bank plc (Investec Bank) and Eksport Kredit Fonden (EKF).

Project

Shaun Kingsbury, chief executive of GIB, said: Todays announcement will substantially increase Northern Irelands renewable energy capacity. Not only will the project save the same amount of carbon as taking around 77,000 cars off the road, it will also make use of over two million tonnes of wood, a valuable energy resource that would otherwise have gone to landfill.

Our mission is to crowd in private sector capital, so Im especially pleased to see that every pound of GIB investment brought in more than 3 of private funding.

Ciaran and Stephen Devine, co-founders of Evermore, added: We are making a serious commitment to the Northern Ireland energy market. Working with the best partners in technology, fuel supply and financing, we hope to show that Northern Ireland is a great place to do business so that further inward investment will follow.

Capital

This now marks the start of the construction phase and with that the creation of over 200 much needed construction jobs in the North West.

Established in 2009, construction of the CHP plant marks the start of Evermores first project, with more strategic infrastructure projects in the UK and Europe to follow.

The funding also follows GIB managing director of waste and bioenergy Adrian Judges assurance earlier this year that the appetite for EfW investment in the private sector would improve (see letsrecycle story).