Record Year for EIB Investment in UK with Total Hitting £5bn : £110m EIB Finance for Viridor’s 30 MW Cardiff Waste to Energy Plant
The European Investment Bank (EIB) has confirmed that it is expected to provide £110 million to support Viridor’s new 30 MW waste to energy facility in Cardiff, South Wales.
The funds were confirmed during a visit to the new waste to energy plant by Jonathan Taylor, vice president of the EIB - Europe’s long-term lending institution and the world’s largest international public bank – and are expected in the coming weeks.
According to Pennon Group (LSE: PNN), Viridor’s parent company, the Cardiff Energy Recovery Facility is the largest waste to energy plant in Wales, and treats waste from local authorities and local businesses, diverting at least 95% of non-recyclable waste in South Wales away from landfill and generating 30MW of electricity for the national grid.
“Significant investment in energy recovery technology allows energy to be recovered from waste that cannot be recycled or reused and would previously have been sent to landfill sites,” explained Taylor.
“We expect to finalise technical details for a GBP 110 million long-term EIB loan in the coming weeks. World class schemes such as the Cardiff Energy Recovery Facility will be highlighted at the International Green Growth Forum in Cardiff this week,” he added.
The Cardiff Energy Recovery Facility will handle 350,000 tonnes of waste annually. This includes household waste delivered by the five Councils that make up the Prosiect Gwyrdd (Project Green) – a partnership including Cardiff, Newport, Monmouthshire, Vale of Glamorgan and Caerphilly.
Together these authorities are said to be responsible for 40% of the total municipal waste in Wales. As well as treating household waste on behalf of Prosiect Gwyrdd, the facility will also receive non-recyclable waste from local businesses and help to divert their waste away from landfill.
“Viridor now has eight Energy Recovery Facilities in operation across the UK and a further three facilities are progressing well and will be delivered by March 2019,” commented said Susan Davy, Pennon Group director of finance.
“Together these facilities will deliver 242MW of de-centralised energy, transforming waste into a valuable social resource. Cardiff is a world-class plant built on time, below budget and to a high quality,” she continued. “Pennon Group has a strong relationship with the EIB and we look forward to continuing to work closely together in future.”
The EIB added that 2015 represented a record year for its engagement across the UK, during which it provided £5.6 billion to support more than £16 billion of overall investment in social housing, transport, energy, water and education.
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