A new 2.2 MW anaerobic digestion plant at Stud Farm in Rufford, Nottinghamshire has secured over £13 million in funding from the UK Green Investment Bank plc (GIB) and SQN Asset Finance Income Fund.
Construction of the 2.2 MW facility, to be developed and operated by Future Biogas Limited is now underway.
Funding was secured via the Recycling and Waste LP (RAW) Fund which is managed by Independent infrastructure and private equity investment manager, Foresight. GIB has committed £6.6 million to the project while SQN Asset Finance Income Fund matched that sum to take the total investment in the project to £13.2 million.
The RAW fund was launched in February last year to provide direct funding towards small-scale recycling and waste projects around the UK.
Foresight said that the new facility at Stud Farm in Rufford will use poultry litter, straw, and other agricultural waste feedstocks from adjacent farms to fuel a combined heat and power (CHP) plant, supplying electricity and heat to local businesses. Any surplus electricity will be supplied to the UK grid.
Once operational the AD plant is expected to generate approximately 16,300 MWh of renewable electricity each year, sufficient to power nearly 4000 households, while cutting greenhouse gas emissions by approximately 6900 tonnes of CO2 equivalent per annum – said to be comparable to removing 3200 cars from the road for the lifetime of the project.
The plant will also produce 16,000 tonnes per annum of digestateto be used as compost on local farms. All of the facility’s feedstock will be sourced locally.
"Since the SQN Fund’s IPO in July 2014, renewable projects have formed a meaningful part of our diversified portfolio,” explained Neil Roberts, managing director, SQN Capital Management.
“This is our fourth joint financing with the RAW fund which fit well with our key investment criteria of financing business essential, revenue earning assets with high in place value,” he concluded.
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