The 20.2 megawatt electricity, and 7.8 megawatt thermal CHP plant will be powered by 146,000 tonnes of grade B-C recovered wood each year, sourced by Stobart Biomass Products, the GIB said.
The facility is expected to be operational by December 2016 when it will provide power to the grid with the heat offtake to be used by Stobart’s adjacent wood drying facility.
The GIB estimates the plant, which will be the largest of its type in the North West, will save around 1.3 million tonnes of greenhouse gas emissions during its lifetime.
GIB is providing £16.9 million of mezzanine loans and also making a £13.2 million equity investment, via its Foresight-managed fund, UK Waste Resources & Energy Investments (UKWREI), in which it is the cornerstone investor.
The remainder of the £42.1 million mezzanine finance is being provided by GCP Infrastructure Investors.
Investec Bank and Eksport Kredit Fonden have together committed £42.5 million of senior loans, while Stobart and contractor BWSC will both take an equity stake with commitments of £9.8 million and £2.6 million respectively.
GIB chief executive Shaun Kingsbury said: “This project is a great example of how we can build the next generation of energy and waste management infrastructure in a way that is green, cost-effective and highly efficient.”
“This type of innovative infrastructure adds to our domestic electricity generation and reduces our carbon emissions.”
“What is particularly important is that these projects are replicable and scalable.”