Tilbury project secures financial support from GIB and ESB

UK Green Investment Bank (GIB) and Irish electricity utility Electricity Supply Board (ESB) have made a combined commitment to invest £70 million (€95 million) in a new £190 million renewable power facility at the Port of Tilbury, Essex.

GIB and ESB are each committing £35 million in a combination of equity and shareholder loans, with an additional £2 million participation from technology provider Aalborg Energie Technik. Senior debt funding is being provided by EKF (Eksport Kredit Fonden), Investec and Rabobank.

The Tilbury Green Power facility is expected to generate 300GWh a year of renewable electricity when it is commissioned in early 2017. This is enough to power more than 70,000 homes.

Stobart Biomass will provide 270,000 tonnes per year of waste wood fuel for the project, sourced from the local catchment area and processed at an onsite facility. BWSC has been appointed EPC contractor and O&M provider for the project.

'The Tilbury project is well placed to capitalise on the UK's largest regional waste wood market, generating green electricity and creating local employment from London's waste resources,' says Shaun Kingbury, CEO, UK GIB.

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