Funding agreed for new 880MW gas power station outside Manchester

A deal has been agreed between Carrington Power Limited, owned by the Electricity Supply Board, and a syndicate of international banks to fund a new 880MW combined cycle gas turbine power station just outside of Manchester.

Secretary of State Ed Davey has called the announcement “great news” and that conventional gas fired power generation “needs to remain in the energy mix for some time.”

He added: “We urgently need to replace some of our ageing coal power stations and gas is relatively quick to build and half as polluting.”

Funding for the project has come from a number of institutions, including of Lloyds, KfW IPEX-Bank, Santander, BBVA and Société Générale.

The new plant is scheduled to be commissioned by 2016.