GIB and ESB have committed £35m each for the project. Aalborg Energie Technik will provide an extra £2m for the project.

Eksport Kredit Fonden, Investec and Rabobank are providing senior debt funding.

The Tilbury Green Power facility, which is expected to be commissioned in early 2017, will burn up to 270,000 tonnes of waste wood per year to generate 300GWh of energy for over 70,000 homes.

The wood, provided by Stobart Biomass, will be sourced from the local area and processed at an onsite facility.

BWSC will serve as engineering, procurement and construction contractor as well as operation and maintenance provider for the project.

UK GIB chief executive Shaun Kinsbury said: "The Tilbury project is well placed to capitalise on the UK’s largest regional waste wood market, generating green electricity and creating local employment from London’s waste resources.

ESB chief executive Pat O’Doherty said: "ESB’s investment in Tilbury Green Power demonstrates the company’s continuing commitment renewable electricity generation and further reducing the carbon mix in our portfolio. It complements ESB’s existing UK investments in wind and gas-fired generation.

"As the British and Irish energy markets move closer together, investments like Tilbury will be increasingly important on both sides of the Irish Sea."