Bioenergy Infrastructure Group (BIG), a platform established to invest and operate biomass plants in the UK,has announced the financial close on its second Energy-from-Waste (EfW) project, a £200 million (US$302 million), 25 MW plant, on a 7.5 acre industrial site in Hull, East Yorkshire.
The plant, to be named Energy Works Hull, will be controlled by BIG. It has already secured offtake agreements with a 15 year Power Purchase Agreement and a 15 year Contract for Difference (CfD), the first waste to energy project to achieve financial close with a CfD. Once operational.
The EPC contractor is M+W Group and the project has a 10 year O&M agreement with Cofely Limited.
BIG was established by cornerstone investor Infracapital, alongside shareholders Helios, Aurium and Foresight Group, to become the leading power producer in UK biomass. BIG was launched on 1st October, along with the announcement of its first project, the 21.5MW Ince Biopower waste wood to energy plant in Cheshire.
Andy Matthews, Greenfield Director, Infracapital, said:
“We are extremely satisfied by the progress made to date by BIG, which demonstrates Infracapital’s ambition and focus on greenfield development in the UK. The biomass project pipeline is itself indicative of the range of greenfield investment opportunities across the UK and Europe, and we are delighted to be supporting investment in projects that are beneficial to both the economy and the environment.”
Erez Gissin, Founding Managing Partner, Helios, said:
“This investment exemplifies Helios III’s commitment to Distributed Power Generation in the UK, and the project is a great addition to BIG’s portfolio, positioning BIG as an IPP with a diversified fuel supply strategy, world-class contractors, strong offtake agreements, and strategic commitment from its four shareholders.”