The investment has been made, under UK Waste Resources & Energy Fund (UKWREI) – a Foresight managed fund, in which GIB is an investor.

Foresight has secured funds from GCP Infrastructure Fund and Burmeister & Wain Scandinavian Contractor.

The proposed wood fueled combined heat and power station is expected to have an installed capacity of around 15.8MW. It is anticipated to become operational in 2015.

This biomass project is expected to generate clean electricity, which is enough to power around 25,000 homes annually, by creating 200 construction jobs and 20 full time jobs when operational.

Commenting on the deal, Foresight partners Andrew Page and Nigel Aitchison said that the deal made is the company’s second investment by the UKWREI Fund, in which the Green Investment Bank is the key investor.

Evermore co-founders Ciaran and Stephen Devine said, "Our ability to attract this level of investment into Northern Ireland is testament to our team’s commitment and skill in both project development and project financing. This now marks the start of the construction phase and with that the creation of over 200 much needed construction jobs in the North West".