Waste to energy
13 May 2014
The UK Green Investment Bank (GIB) has today announced a £7.5m commitment in a new £15m anaerobic digestion and green waste composting plant in Enfield, just outside London. The investment is being made by Foresight, one of GIB's fund managers.
The anaerobic digestion plant will be powered by c. 30,000 tonnes of food waste each year from the hotel, restaurant, retail trade and local food manufacturers, which would have otherwise been sent to landfill.
The composting facility will take garden waste from homes across London and the Northern Home Counties and turn it into compost. This, along with the digestate from the anaerobic digestion process, will be used as fertiliser by the farmers, on whose land the new facility will sit. This will save the farmers over £120,000 each year.
Shaun Kingsbury
Chief executive, UK Green Investment Bank
The facility will generate 7,400 MWh of renewable electricity each year, enough to power 1,750 homes. It is anticipated to save approximately 21,000 tonnes of CO2e per year, equivalent to taking 9,500 cars off the road.
Construction is expected to begin in June 2014 and the plant is expected to be operational by Spring 2016. The project will create six full time, permanent jobs to support the on-going maintenance and operation of the plant.
The developer, D Williams & Co Limited, will be constructing the project on their own land at Cattlegate Farm. They currently run the 2,000 acre agricultural farm in Enfield which produces herbs as well as traditional arable operations.
The investment is being made via GIB's Foresight-managed fund, UK Waste Resources and Energy Investments (UKWREI), which is investing £7.5m alongside the Foresight Environmental Fund (FEF) which is investing £7.5m on the same terms as UKWREI. FEF is cornerstoned by the European Investment Bank and the London Waste and Recycling Board (LWARB) through the London Green Fund (LGF) alongside several institutional and private investors.
GIB announced last month that the first anaerobic digestion plant that it provided funding for, the TEG Biogas plant in Dagenham, has been completed on time and on budget and is now producing renewable energy. The project, also funded via Foresight, was London's first commercial scale anaerobic digestion plant. In 2013 GIB published a report on the growth opportunities for the UK's anaerobic digestion sector.
Vince Cable
Business Secretary
Matthew Pencharz,
The Mayor of London's Senior Energy & Environment Adviser
Nigel Aitchison
Partner of Foresight Group
Media enquiries
Foresight Group
Foresight Group is a leading independent infrastructure and private equity investment manager that has been managing investment funds on behalf of institutions and retail clients for 30 years. With a background in private equity and venture capital, Foresight has diversified activities and today manages institutional funds principally in European Infrastructure (Solar and PPP), Environmental and UK small cap Private Equity, including six years of specific Infrastructure experience.
Foresight has £1 billion of assets under management and boasts one of the UK's leading Environmental infrastructure investment teams. It is responsible for managing approximately £155 million of environmental assets which include the £60 million Foresight Environmental Fund (FEF) and the £68 million mandate from the UK Government's Green Investment Bank for UK environmental infrastructure. www.foresightgroup.eu