The Green Investment Bank is to provide £7.5 million funding towards a proposed anaerobic digestion (AD) and green waste composting facility in North London.
The investment in the £15 million organics recycling facility is being made through one of the GIB’s fund managers, Foresight.
Developer D Williams & Co Limited will be constructing the project on its own land at Cattlegate Farm. It currently run the 2,000 acre agricultural farm in Enfield which produces herbs as well as traditional arable operations.
Processing around 30,000 tonnes of food waste from hotels, restaurants, retailers and local food manufacturers each year, the AD plant will produce 7,400MWh of electricity which is enough to power 1,750 homes.
In addition, digestate produced through the AD process for local farmland is expected to save farmers more than £120,000 a year.
The adjacent composting plant, meanwhile, will process garden waste from local authorities across London and the northern home counties.
Overall, GIB claims the facility will save 21,000 tonnes of carbon per year which is equivalent to taking 9,500 cars off the roads.
Construction should 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 announcement provides another demonstration of the attractiveness of anaerobic digestion infrastructure as an investment opportunity,” said Shaun Kingsbury, chief executive, UK Green Investment Bank. “The announcement of this new project follows the opening, last month, of London’s first commercial-scale anaerobic digestion and composting facility [TEG’s Dagenham plant] which is now producing renewable energy and generating returns for its investors. We are seeing real momentum in the commercial deployment of this technology which, I hope, will see further growth in the year ahead.
“I congratulate Foresight on securing the investment to construct this new facility, which will not only save thousands of tonnes of waste from landfill, but also generate a revenue stream from a resource that would have otherwise been thrown away.”