Energy efficiency
Announcements prior to September 2017, including this announcement, occurred under previous ownership.
25 September 2015
UK Green Investment Bank plc (GIB) and Equitix have today announced a commitment to fund the construction of a £30m energy facility in Widmerpool, Nottingham.
The Equitix managed fund Energy Savings Investments (ESI), in which GIB is a cornerstone investor, is investing £14.6m in the project. An additional £15m of private capital has been mobilised from the Equitix Energy Efficiency Fund (EEEF).
The plant is to be built in Widmerpool and was developed by Mycock Associates Ltd with support from Pinnacle Power ltd. It will generate up to 6.5 MW of green electricity and will be built as Combined Heat and Power (CHP) ‘ready’ with the potential to supply heat to a co-located wood drying facility.
It is expected to cut greenhouse gas emissions by approximately 8,400 tonnes of CO2e per year, the equivalent of taking 3,750 cars off the road for the life of the project.
A joint venture between STC Power S.R.L and Pensotti Fabrica Caldaie Legano S.P.A will act as the EPC Principal Contractor. The scheme’s biomass boiler and flue gas cleaning systems are being supplied by biomass specialists Pensotti Fabrica Caldaie Legano S.P.A which will also supply the clean electricity generation equipment.
Once operational the project will sell electricity to GDF Suez UK under a long-term power off take agreement and Veolia Energy Services Ltd has been awarded the long-term operations and maintenance contract.
The development is expected to create 60 jobs during construction and a further 15 full-time positions once operational.
Ed Northam
Head of Investment Banking, UK Green Investment Bank
Geoff Jackson
Chief Executive Director, Equitix
Peter Mycock
Mycock Associates Limited, principal developer and local Chartered Accountants
Media enquiries
Total GIB share of investment (via Equitix-managed ESI fund): £14.6m
Total capital mobilised: £30m
Co-investors: Equitix Energy Efficiency Fund (EEEF)
Expected completion: March 2017
Developer: Mycock Associates Ltd / Pinnacle Power
EPC contractor: STC Power / Pensotti
Technology provider: Pensotti
O&M operator: Veolia Energy Services Ltd
About the UK Green Investment Bank
UK Green Investment Bank plc (GIB) 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.
GIB is wholly owned by HM Government. The Company is not authorised or regulated by the Financial Conduct Authority or the Prudential Regulation Authority. A wholly owned subsidiary UK Green Investment Bank Financial Services Limited, is authorised and regulated by the Financial Conduct Authority.
About Equitix
Equitix is a company established to deliver and manage infrastructure projects from bidding and closing through to construction and service provision. Its reputation is built upon strong relationships with its clients and partners, as well as a committed approach to every project in which they are involved and investment they make.