A TEG Group green waste processing plant in Dagenham is set to receive a £2 million investment (with another £2 million to match private-sector funding) from Foresight, on behalf of UK Green Investments. The 1.4-megawatt anaerobic digestion (AD) plant, a £21 million project, will be the first to receive investment from the government’s UK Green Investment Bank (UK GIB).
In April, the Department for Business Innovation and Skills (BIS) appointed two managers – Foresight and Greensphere – to handle an £80 million fund directed for investment in small-scale waste infrastructure on behalf of UK Green Investments. Foresight was appointed to invest £50 million in preparation for the UK GIB, which is expected to be operational by the end of 2012. The UK GIB is designed to increase funding from the private sector for green technologies and projects.
The investment in Dagenham, made through Foresight’s UK Waste Resources and Energy Investments (UKWREI), will be the firm’s first investment in its role as a government appointed fund-manager.
"This project represents the first waste investment in the run up to the establishment of the UK Green Investment Bank, and sends a clear message to the market and to potential co-investors that we are committed to investing in the UK's green infrastructure", said Business Secretary Vince Cable.
On top of its investment on behalf of Green Investments, Foresight Funds has also committed £9 million in funding. The remaining £7.9 million needed for the project is being provided by the London Waste and Recycling Board (LWARB), and Investec Bank plc.
The Dagenham facility, which will be located at the new Sustainable Industries Park in London, will process 49,000 tonnes of organic waste per year, which, according to BIS will save 16,325 tonnes of CO2 from being emitted per year. It will produce more than 36,000 tonnes of AG digestate and 14,000 tonnes of compost per year. The plant would be the first joint AD and in-vessel composting plant to be built within the M25. It is set to be operational in 2013.
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