U.K.'s Green Investment Bank will invest £28 million in a new waste to energy plant near the Scottish capital Edinburgh, the bank announced Thursday.
The bank is the latest institution to join the group which is financing the project. Green Investment Bank is among three other lenders, Investec, Siemens Bank and Credit Agricole. Together the four institutions will invest total capital of £142 million.
Construction of the 14.1 megawatt facility is planned to start immediately.
The biomass plant is expected to process up to 155,000 tonnes of waste and generate approximately 94 gigawatt hours of electricity annually once completed in 2019.
About 30 thousand tonnes of greenhouse gas emissions will be avoided each year, equivalent to removing 13,800 cars from the road for the lifetime of the project.
Recycling and waste management company, FCC Environment, has been appointed to design, build and operate the plant.
"It’s important that materials are re-used and recycled wherever possible, but it’s equally important that infrastructure is developed to increase the amount of energy recovered from waste that can’t be reprocessed," said Ed Northam, head of Investment Banking at the bank.
£1 British pound equals $1.25
By Zeynep Beyza Kilic