The UK Green Investment Bank plc (GIB) has committed to making an investment of £51m into a proposed new energy from waste plant in Kings Lynn, Norfolk.
The new facility, the Willows Power & Recycling Centre, will provide a long-term waste treatment solution for Norfolk County Council. It will process 170,000 tonnes of black bag waste from households across the county and 100,000 tonnes of commercial and industrial waste each year. This will be converted into 170 GWh of electricity per annum; enough to meet the annual energy needs of over 40,000 homes.
GIB's investment will be made alongside that of two existing lenders.
Shaun Kingsbury, Chief Executive, UK Green Investment Bank, said:
Not only will this new facility prevent over a quarter of a million tonnes of waste being sent to landfill each year it will also generate enough electricity to power over 40,000 homes a year.
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Notes to editors
Energy from waste and waste recycling are priority investment sectors for GIB. Since it was set up in November 2012, GIB has invested in a number of waste projects, both directly and via its fund managers. GIB's energy from waste investments include:
- Wakefield PFI
- Merseyside PPP
- West London PPP
UK Green Investment Bank
The UK Green Investment Bank was launched in November 2012. With £3.8 billion of funding from the UK Government, it is the first bank of its kind in the world. It is a "for profit" bank, whose mission is to accelerate the UK's transition to a greener economy, and to create an enduring institution, operating independently of Government.