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The Green Investment Group (GIG) and Covanta have given the green light to a 42MW energy-from-waste plant near Shepshed in Leicestershire.
Each year, the Newhurst facility will process up to 350,000 tonnes of non-recyclable rubbish supplied primarily by the waste management firm Biffa, which owns a 50 per cent stake in the project. The remaining half is split between GIG and Covanta.
Construction is expected to take three and a quarter years and will be led by Hitachi Zosen Innova – a Swiss subsidiary of the Japanese conglomerate Hitachi. Covanta will operate the plant once it is up and running.
Edward Northam, head of the Green Investment Group’s European division, said: “To increase resource efficiency, we need the right infrastructure. Together, GIG and Covanta are developing a pipeline of projects that will form the backbone of the UK’s next generation waste management system.
“Our ongoing partnership with Covanta is helping the UK reduce reliance on landfill for non-recyclable waste, creating a cleaner, greener environment for all. The Newhurst facility is an exciting new addition to that partnership and our first project investing alongside Biffa.”
The Newhurst facility is the third to reach financial close of four energy-from-waste projects being jointly developed by GIG and Covanta under a partnership formed in 2017. They also include the 60MW Rookery South facility in Bedfordshire, which was given the go-ahead in March last year.
The Green Investment Group (then the Green Investment Bank) was sold by the government in August 2017 to a consortium led by the Australian bank Macquarie for £2.3 billion.
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