The UK Green Investment Bank plc (GIB) has committed to making an investment of £51m into a proposed new energy from waste plant in Kings Lynn, Norfolk.
The new facility, the Willows Power & Recycling Centre, will provide a long-term waste treatment solution for Norfolk County Council.
The plant still awaits a final planning decision from communities secretary Eric Pickles, which had been expected in January.
In view of the delay, Norfolk county councillors will decide next month whether or not to continue with the project.
Shaun Kingsbury, Green Investment Bank – “Not only will this new facility prevent over a quarter of a million tonnes of waste being sent to landfill each year it will also generate enough electricity to power over 40,000 homes a year”
A decision to terminate the contract it awarded to the Cory Wheelabrator consortium means the council might have to pay circa £20m in compensation.
The plant will process 170,000 tonnes of black bag waste from households across the county and 100,000 tonnes of commercial and industrial waste each year.
This will be converted into 170 GWh of electricity per annum; enough to meet the annual energy needs of over 40,000 homes.
Shaun Kingsbury, Chief Executive, UK Green Investment Bank, said: “Not only will this new facility prevent over a quarter of a million tonnes of waste being sent to landfill each year it will also generate enough electricity to power over 40,000 homes a year.”