To receive funding of $80m, Concord Steam was required to sell all 17MW of electricity it anticipates generating, of which 13MW has been sold to other electric utilities.

Last month, the New Hampshire Executive Council and the Concord City Council signed an ten-year agreement to purchase electricity from the plant through South Jersey Energy.

HAEC, through its partner South Jersey Energy will provide commercial, institutional, and industrial end users with low cost wholesale electricity and access to the real time bulk power markets.

HAEC founder and managing director August Fromuth said that the plant will produce both low carbon emission steam and electricity

Construction of the plant is expected to begin by 31 December 2011