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Green light for 299 MW Tees biomass plant
- 8 years ago (2015-07-16)
The CEO of MGT Power, Ben Elsworth, said: “The involvement of Macquarie as an investor and adviser represents another major step forward in the process to finance the project with the aim for starting construction on site by early 2016 at the latest.”
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Mark Dooley at Macquarie added: “As one of the first renewable energy assets to be project financed under the new UK CfD regime and the largest dedicated biomass project to be built in the UK, the project presents some challenges but also a great opportunity for the finance market.”
The project is estimated to save around 1.2 million tonnes of CO 2 per year by using imported wood pellets and chips from sustainable forests. It will generate electricity for 600 000 homes when it enters commercial operation in 2019.