Estover's £138m 27.7MWe biomass CHP plant in Cramlington, Northumberland was financed in September 2015.
£48m of equity was committed by John Laing Group plc and the UK Green Investment Bank plc alongside £90m of debt from Barclays Bank plc, with an export credit guarantee from EKF.
The plant will supply electricity and heat to Aesica Pharmaceuticals and MSD, two of the largest employers in the North East's highly successful specialist pharmaceutical cluster. It will also supply low carbon electricity to the National Grid.
- Fuelled from local wood provided by local growers and forest industry suppliers from an abundant local resource - 500,000 acres of forestry within 60 miles
- Construction commenced in September 2015 with completion expected in late 2017
- Construction to be undertaken by Burmeister & Wain Scandinavian Contractors A/S (BWSC) and Burmeister & Wain Energy A/S (BWE)
- Operations & Maintenance by BWSC
- Enough electricity to power 52,000 homes, reducing greenhouse gas emissions by the equivalent of taking 25,000 cars off the road per year.
Estover is retaining an equity stake in the project, and a 12-year contract to provide ongoing general management, project & construction management services, as well as fuel management services for the project.