Sustainability technology provider Eco-Frontier, Korea South-East Power (KOSEP) and KDB Daewoo Securities will aid the final pre-construction stages of the large biomass power station, under the agreement.
The project had recently witnessed several delays resulting from a weak economy, financial setbacks and alteration in the government’s Renewables Obligation scheme. The finance contract is expected to close by March 2013.
MGT acting CEO Ben Elsworth said that it has been a difficult period for the UK biomass industry and especially for the company.
"We are very pleased to be working with all three Korean companies, and KOSEP in particular," he added.
The plant will generate 2.4TWh of electricity a year with sustainable biomass fuels sourced from the UK and globally.
Tees REP will enable EU to achieve its renewable energy target of 20% by 2020 and displace 1.2 million tons of CO2 annually.
