By: greenbank On: September 01, 2015 In: Comments: 0

GIB and John Laing Group plc committed million of equity to a new GB£138 million renewable energy facility in North East England, developed by Estover Energy. GIB will make a GB£21 million investment in the project, with John Laing investing in a stake worth GB£27 million. Barclays provided the remainder of the funding as debt, 60% of which will be guaranteed by the Danish export credit agency EKF.

The biomass Combined Heat and Power (CHP) plant in Cramlington, Northumberland, will generate 213 GWh of renewable electricity annually – enough to power 52,000 homes. Much of the generated electricity will be purchased by Statkraft under a long-term Power Purchase Agreement, but the area’s thriving pharmaceutical sector, recognised as an essential element of the North East economy, will benefit from its output.

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