Iona Capital invests further in UK EfW plant
The investment firm, specialising in renewable infrastructure projects, is investing in Binn Group’s 8.6 MW EfW plant at Binn Eco Park, which will provide power to existing occupiers of the industrial park and export power to the National Grid.
Construction of the plant, which received planning approval in December 2020, is scheduled to start later this year, with commercial operations expected to begin in 2024.
The facility will process 84,900 tonnes of residual waste per annum, using moving rate combustion technology. The plant’s electricity and heat outputs (hot water or steam) will be used within the Eco Park or further afield to support the 2045 net-zero target date set out by the Scottish Government.
Allan MacGregor, CEO of Binn Group, said: “With the support of the Iona Capital team, the plant will be in operation in good time for meeting the ban on the landfill of biodegradable municipal waste, which comes into effect in 2025.”
“Binn Group are a strong local partner,” added Nick Ross, director at Iona Capital, “and the project delivers all of the necessary criteria that we typically seek: a proven technology, a secure fuel supply, and a long-term offtake agreement.”
It is expected that up to 200 jobs could be created during construction, as well as around 30 full-time jobs when the plant is fully operational. The plant also has potential to deliver down-stream economic development in the green economy.
Binn Eco Park is already highly integrated, featuring various waste treatment infrastructure including two material recovery facilities, a food waste anaerobic digestion plant, composting facilities, a plastics recycling plant, and waste wood processing and storage facilities. Further plans are underway for a ‘Masterplan’ to support the Eco Park’s expansion.