Of the proposed £70m investment, GIB and ESB will each provide £35m in a combination of equity and shareholder loans, with an additional £2m participation from technology provider Aalborg Energie Technik.

Eksport Kredit Fonden, Investec and Rabobank are offering senior debt funding.

The investment marks ESB’s first step into the UK’s waste and biomass sector.

The biomass power facility will create 370 jobs during the construction phase, and 50 permanent jobs in on-going operations.

Scheduled to become operational in early 2017, the Tilbury Green Power facility will generate 300GWh of green electricity annually from waste wood fuel.

Stobart Biomass will provide 270,000t of waste wood fuel annually, sourced from the local catchment area and processed at an onsite facility.

GIB CEO Shaun Kinsbury said: "The Tilbury project is well placed to capitalise on the UK’s largest regional waste wood market, generating green electricity and creating local employment from London’s waste resources."

The power generated at the plant will be enough to meet the electricity needs of over 70,000 homes.

GIB has also announced an investment of £28.25m in the £111m energy-from-waste (EfW) plant and adjacent materials recycling facility (MRF) being developed by Levenseat Renewable Energy in Scotland.

The plant is said to be the first in the UK to combine fluidised bed gasification technology with Refuse Derived Fuel (RDF), processed by the MRF.

The MRF is expected to recycle over a million tonnes of plastics, metals, paper and card for recycling during its lifetime of 25 years.

Image: An illustration of the energy-from-waste facility being built in Scotland. Photo: courtesy of Green Investment Bank.