The £107m EfW plant will generate clean electricity from feedstock derived from household and commercial waste to power aerospace major Bombardier’s wing facility in the city’s Harbour Estate.
The design-build-operate contract for the project has been awarded to Bouygues Energies and Services.
GIB is investing in the EfW plant as part of a joint venture, Full Circle Generation, with developer RiverRidge Energy, Equitix and P3P Partners.
During the construction phase the project is expected to create 250 jobs, in addition to 20 permanent positions in operations.
GIB CEO Shaun Kingsbury said: "Northern Ireland was the location of one of GIB’s earliest investments and it gives us great pleasure to announce another important commitment to the country’s green infrastructure network.
"The plant will generate cleaner, greener electricity that can be used to the benefit of local employers while helping local authorities and businesses meet waste reduction targets."
Expected to become operational by the end of 2017, the plant will generate close to 61GWh of renewable electricity that will be enough to power more than 14,500 homes annually.
RiverRidge Energy managing director Brett Ross said: "The delivery of this critical piece of infrastructure provides a number of stakeholders with a world-class facility capable of recovering energy from waste in an environmentally sensitive and acceptable manner as well as the provision of a meaningful base load of renewable energy for Bombardier."
