Danish companies to invest £170m in UK biomass plant
PensionDanmark and BWSC to finance 44.2MW biomass plant in East Anglia, UK, which will have a capacity of 44.2MW
A coalition of Danish investors announced they will support a new biomass plant in East Anglia and will invest 1.6 billion Danish Krone (£170 million) in the project.
PensionDanmark and BWSC confirmed on Monday they had reached an agreement on the Snetterton project, which will have a capacity of 44.2MW and is expected to be completed by spring 2017.
PensionDanmark has provided the majority of the funds - 1.4bn Krone – and BWSC is providing the rest.
It is the second biomass plant to receive funding from the joint venture, following the construction of the 40MW Brigg project in Lincolnshire in 2013.
The Snetterton plant will also be powered with sustainably sourced straw, and the companies have secured a 12 year supply deal to provide enough energy to the equivalent of 82,000 households annually. It is also expected to avoid the release of 300,000 tonnes of CO2 per year.
Torben Möger Pedersen, chief executive of PensionDanmark, said: "We have high demands to the industrial partners we work with on joint ventures, and BWSC fully live up to our expectations. We have to secure our members a good and steady return, and this cooperation delivers that."