In addition to the long-term loan financing from GIB, Germany’s Bayerische Landesbank and Japan’s Sumitomo Mitsui Banking Corporation will provide third of the loan funding, totaling up to £195m, each.
Being developed alongside sponsors Interserve and Shanks Group, the new facility will process waste from households in Derby and Derbyshire, while increase recycling, divert household waste from landfill and generate renewable electricity.
The new facility can generate enough electricity to power 14,000 homes and involves running all Derby and Derbyshire’s household waste recycling centers.
The project, following a 32 month construction period, will have life span of 25 years.
UK Green Investment Bank chief executive Shaun Kingsbury said: "This project provides Derby and Derbyshire with the modern, sophisticated infrastructure it needs to manage its household waste in a way that’s green and affordable. Instead of waste being sent to landfill, the project will ensure that more is recycled with the remainder used to create renewable electricity which will be sold to the Grid."
UK Business Secretary Vince Cable said: "This investment in Derby will secure local jobs and give the city the environmental infrastructure it needs to reduce household waste and generate renewable energy."
