Iona Capital invests in three Newbridge Energy wood chip CHP units in Wales
UK energy and environmental investment company Newbridge Energy will install three wood chip-fuelled combined heat and power (CHP) units in northern Wales.
The move comes after the company reported receiving a "multi-million pound" investment from Iona Capital.
The three units, to be situated in the town of Ruthin, will have a combined capacity of 3MWe and 12MWh, and they are expected to come online by the end of 2016.
They will qualify for the UK government’s Renewables Obligation Certificates (ROCs) and the Renewable Heat Incentive (RHI) support schemes.
"Iona Capital’s investment provides us with the catalyst and the confidence to invest and grow our business," said Phil Wildbur, director of Newbridge Energy.
"Newbridge Energy is now well positioned to expand its biomass operations throughout North Wales and become one of the leading biomass and wood chip producers in the area.”
Iona Capital says it has financed over 20 renewable energy projects in Wales, Scotland, and England over the past five years.