Foresight group and the UK Green Investment bank have invested £20 million into the construction of the Evermore Renewable Energy plant.
The Evermore project is projected to become operational in 2015, at which point it will become the largest renewable energy plant in Northern Ireland. Built on 10 acres of land in Derry/Londonderry, the plant will burn approximately 110,000 tonnes of wood per year for the generation of 15MWe of combined heat and power.
The plant will have a lifespan of around 20 years, during which time it will generate electricity for more than 25,000 homes a year and save 2 million tonnes of wood from going to landfill.
The feedstock will be supplied under a long-term fuel supply contract from Stobart Biomass. The electricity will be supplied to the national grid and the heat will be used by an integrated wood drying facility, supplying fuel for new biomass boilers within Northern Ireland.
It is expected to slash GHG emissions by around 3.7 million tonnes. The Foresight managed fund – UK Waste Resources and Energy Fund, in which GIB is the cornerstone investor – made the investment, which is the first GIB funded project in Northern Ireland.
This investment is part of a total £81 million required to build the Evermore Renewable Energy CHO plant.