Business minister Matthew Hancock has announced a £50m investment from the UK Green Investment Bank (GIB) that will target smaller-scale, innovative, recycling and waste projects across the UK.
The fund – Recycling and Waste – will be managed by Foresight Group and is expected to raise at least a further £50m from private-sector co-investors to match GIB’s investment. It already has an extensive pipeline in place.
The funding was announced during a visit to the Birmingham BioPower project, currently under construction in Tyseley.
The progress of the £47m project is well advanced and the facility will, when operational, divert up to 67,000 tonnes of recovered wood from landfill every year, using it to produce enough electricity to power more than 17,000 homes.
The Tyseley project was supported by GIB through a previous investment in a Foresight-managed fund.
Mr Hancock said: “This investment by the GIB will be used to fund biopower projects that will put the UK at the forefront of this innovative green technology, turning local waste wood to electricity. This state-of-the-art plant will be the first of its kind in the UK.
“It uses a new type of gasification system and will not only power 17,000 homes and recycle waste more efficiently, but will also boost the local economy and create 100 local jobs.”