Ulster Bank supports phase two Newry biomass project
React Energy, an energy infrastructure developer and operator with a focus on the production of clean energy in the UK and Ireland, has received approval from Ulster Bank Ireland for the funding of the second phase of its joint venture biomass gasification project in Newry, Northern Ireland.
Drawdown of funds will start once certain conditions are satisfied including the finalising and signing of the various contracts required for the installation of phase two of the project and, if required, the investment of additional equity funding in the joint venture company.
React has spent the last 12 months testing and optimising the performance of the 2MW phase one of the project. Approval from Ulster Bank means it will continue with the build out of the project to its full capacity of 4MW.
Gerry Madden, CEO of React Energy, says: 'We are pleased to be moving forward to phase two of the Newry biomass project, together with the support of its key funder Ulster Bank.'