Solar 21 raises funds for biomass project in Hull

Solar 21, an Irish-based renewable energy company, has raised €20 million (US$22.6 million) in private investment for the development of a biomass project in the UK. 

Solar 21 acquired the rights to build the 22 MW plant in Hull earlier in the year. At full capacity, the GB-Bio biomass plant will be capable of producing 22MW of energy: enough electricity to power over 16,000 homes per year.

The GB-Bio biomass plant project cost is estimated at £40 million (US$58.6 million) and it is estimated that the plant’s value will increase significantly above construction price once commissioned. Based on current schedules, the plant will be energised by March 2017, to qualify for the ROCs (Renewable Obligation Certificates) incentive.

GB-Bio will construct and operate the plant during the investment period. After that, it is intended that Solar 21 will sell GB-Bio or exit investors via debt refinancing.