Construction has started on a ground-breaking waste-to-energy plant in Hoddesdon, Hertfordshire, that will supply power to around 7,000 homes when it reaches completion in 2017.
P3P Partners has been involved in the project from very earliest stages, when it was approached by AssetGen Partners, a specialist investment fund. P3P supplied the working capital and was highly instrumental in bringing the project to financial close earlier this year (one of the few projects to achieve this milestone). P3P is also one of the funders, working with a pension fund.
The plant has been designed by Bouygues Energies and Services and will be built by Biomass Power Limited. Feedstock will be supplied by Biffa and Powerday. The project is backed by the Green Investment Bank.
When completed in two years’ time, the energy plant will burn 90,000 tonnes a year of refuse-derived fuel (RDF). As a gasification technology, it’s eligible for Renewable Obligation Certificate (ROC) subsidies.
“Ultimately it was our project, but P3P had faith in us and brought their considerable expertise, knowledge and skillset to bear,” says AssetGen MD Mark Denham. “We couldn’t have done it without them.”