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Green Investment Group arranges financing for Wheelabrator’s waste-to-energy plant

CTBR Staff Writer Published 08 September 2017

Illinois-based Green Investment Group (GIG) says that it has arranged a financing of £38m for Wheelabrator Technologies towards the construction of a 70MW energy-from-waste facility in the UK.

Dubbed as Ferrybridge Multifuel 2 (FM2), the new, large-scale merchant plant will come up near Knottingley in West Yorkshire and is being built by Wheelabrator Technologies alongside SSE. The partners are undertaking the project through a 50:50 joint venture named as Multifuel Energy (MEL).

Once commissioned, the waste-to-energy facility will produce electricity for UK homes and businesses alike. It is anticipated to offset greenhouse emissions while preventing waste going to landfill.

The new UK waste-to-energy facility is located near the Ferrybridge Multifuel 1 (FM1) which began commercial operations two years ago. It is also being built near the recently decommissioned Ferrybridge C coal-fired thermal power plant.

Put together, the FM1 and FM2 plants will become the one of the largest energy-from-waste sites in the UK, stated GIG.

According to the Illinois firm, the £38m financing is the first investment to be closed after the acquisition of the Green Investment Bank by a Macquarie-led consortium last month.

Green Investment Group head Edward Northam said: “This first transaction under Macquarie ownership builds upon our well-established investment strategy.

“Working with Wheelabrator Technologies, we have helped finance the construction of major new energy infrastructure in West Yorkshire and facilitated the continued growth of the UK merchant energy-from-waste market.”

The funding for Wheelabrator is also part of a £207m senior debt facility from a syndicate of lenders like MUFG, Crédit Agricole Corporate & Investment Bank, Banco de Sabadell and Investec Bank.