Through BWSC, both the companies will invest £160m in the Brigg Renewable Energy Plant which will be primarily fueled using local straw. The 40MW of plant is expected to produce enough energy to fulfill electricity demands of 70,000 households.

BWSC CEO Anders Heine Jensen said that the investment marks a significant effect for Danish energy technology exports, which has been suffering from financial crisis.

"Now, BWSC and PensionDanmark are forming a joint venture with the aim of building, owning and operating select biomass power plants internationally.

"With this model, not only will we be market leaders in power plant technology, but we will also own, operate and finance new plants in collaboration with PensionDanmark."

BWSC’s share of the investment is £32m and it will be responsible for building, operating and maintaining the plant while the remaining will be provided by PensionDanmark. The plant is expected to be operational in early 2016.

PensionDanmark CEO Torben Moger Pedersen said, "We are looking forward to working with BWSC, whose established expertise meets our high standards for industrial partners in this type of joint venture."