GIB is a main contributor to the Equitix managed Energy Savings Investments fund, which is investing £14.6m into the facility.
An additional £15m of private capital has been raised from Equitix Energy Efficiency Fund (EEEF) for the project.
Planned to be built in the Holbrook area, the facility will generate more than 6.5MW of green energy and supply it over 6,700 houses and commercial properties.
The project, which is expected to be completed in March 2017, is estimated to reduce greenhouse gas emissions by about 12,700 tonnes of carbon emissions every year
UYE (UK) director Stephen Brooks said: "We see that these local, community-scale energy generation projects are one of the ways to reduce carbon emissions, reduce grid losses and generate useable, sustainable and affordable heat for local communities. This project is the first in our proposed portfolio of similar developments."
Kantor Energy is the EPC principal contractor, while VAS Energy Systems International is supplying biomass boiler and flue gas cleaning systems.
Turboden will deliver the clean electricity generation equipment and Voila Energy Services will undertake operations as well as maintenance works.
GDF Suez UK will buy the energy generated from the facility under a long-term power off take agreement.
