The Green Investment Bank has committed £80m to finance a new 43MW combined heat and power (CHP) energy from waste plant in Kent. Other investors include Barclays, Banks of Tokyo-Mitsubishi UFJ, Natixis and Investec.
The plant, near Sittingbourne, will supply heat to DS Smith’s Kemsley Paper Mill – reducing its reliance on gas-fired steam – and feed power back to the grid.
The energy from waste plant is one of a handful to qualify for bill payer support under the government’s contract for difference regime, which gives power producers a guaranteed power price. It will receive £80 per megawatt hour.
The plant will burn around half a million tonnes of local and national waste to produce up to 154GWh or renewable power and up to 180GWh of renewable heat.