The £81m combined heat and power plant will generate enough electricity to power 25,000 homes and businesses in the area.
Expected to be operational by summer 2015, the plant will create around 200 Construction jobs 18 permanent jobs once it is in operation.
The company, which has received £20m funding from the UK Green Investment Bank through Foresight Group’s managed fund UK Waste Resources and Energy Investments, will increase renewable electricity generation by around 10% in Northern Ireland.
The partner funders for the project include GCP Infrastructure Fund, Burmeister & Wain Scandinavian Contractor (BWSC), Investec Bank, and Eksport Kredit Fonden.
To be built and operated by BWSC, the plant will supply its output to Power NI under a long-term contract.
Stobart Biomass Products will provide biomass for the plant under a fuel supply contract with Evermore that has a provision to deliver up to 30% of local wood biomass.
The plant, which is claimed to be the largest renewable energy project in Northern Ireland, is estimated to save around 3.7 million tonnes of carbon emissions over its 20-year lifespan.
Evermore co-founder Ciaran Devine said the company is making a commitment to the Northern Ireland energy market.
"Working with the best partners in technology, fuel supply and financing we hope to show that Northern Ireland is a great place to do business so that further inward investment will follow.
"These projects are extremely complex and they require the involvement of many statutory bodies and government departments and we hope this Investment will show the rest of the UK how committed Northern Ireland is to supporting renewable energy development, and how competent Evermore is at bringing these elements together and financing complex structures," added Devine.
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Stephen Devine (left) and Ciaran Devine, Directors of Evermore Renewable Energy in Derry/Londonderry. Photo: courtesy of Evermore Renewable Energy.