Green Investment Bank supports waste innovation with £33m investment
The UK Green Investment Bank (GIB) has given its financial backing to a new waste treatment facility and anaerobic digestion (AD) plant North Yorkshire, which will process up to 320,000 tonnes of waste per year.
The £320m Allerton Park plant will divert more than seven million tonnes of household, commercial and industrial waste from landfill during its lifetime and will recover value from almost every aspect North Yorkshire and City of York waste.
It represents the first joint investment between GIB, which is putting in £33.1m, and the European Investment Bank, which is investing £150m.
The project includes: -
- a mechanical pre-treatment facility to recover metal, paper and plastics for recycling
- an anaerobic digestion facility to treat organic waste and generate around 8 GWh per year of renewable energy
- an energy-from-waste plant to produce steam to generate 203 GWh of electricity per year - enough to supply more than 40,000 homes
GIB chief executive Shaun Kingsbury said: "This innovative project is a best-in-class example of how local authorities can improve recycling and generate significant amounts of renewable power from household waste.
"GIB is proud of its track record supporting innovation in the waste and recycling sector and particularly pleased that this impressive facility is the first to feature the full complement of waste treatments and new technologies."
Prime Minister David Cameron is among the GIB advocates. He said: "Their achievements tell their own story - in just two years, getting 37 green infrastructure projects underway in the UK, committing more than £1.6bn of capital and mobilising a total of £5.2bn, and creating thousands of jobs."
The Green Investment Banks' current investments are expected to deliver an annual return of 9% and the organisation expects to make an annual operating profit in excess of £10m per annum once all of its investments are operational.