By Daniel Hunter
Business Secretary Vince Cable announced today (Monday) that one of the Government-appointed fund managers for green infrastructure has made its first project investment in the small scale waste sector.
Foresight’s UK Waste Resources and Energy Investments (UKWREI) fund is investing £2 million with a further £2 million of matching private sector funding, in a £21 million project to build a food and green waste processing plant in Dagenham.
Foresight were appointed to invest £50 million on behalf of UK Green Investments — the team established within the Department for Business, Innovation and Skills (BIS) to drive Government investment in low carbon infrastructure in preparation for the UK Green Investment Bank (UK GIB).
Waste infrastructure has been identified as a priority sector, and the new facility will process 49,000 tonnes of organic waste a year - saving 16,325 tonnes a year of CO2 emissions over the same period.
Business Secretary Vince Cable said:
”This project represents the first waste investment in the run up to the establishment of the UK Green Investment Bank, and sends a clear message to the market and to potential co-investors that we are committed to investing in the UK’s green infrastructure.”
The money will come from the UKWREI fund, of which BIS is a cornerstone investor.
This will be the first joint anaerobic digestion and in-vessel composting plant to be built within the M25 and is expected to be operational in 2013.
The UK GIB is expected to become operational at the end of the year once it has received state aid approval.
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