Land Energy Limited (“Land Energy”) has today announced it has completed a multi million pound external funding into Land Energy Girvan Limited to support the development of a biomass combined heat and power and wood pellet plant in Girvan Scotland.
The plant is expected to be operational in 18 months time and once complete will produce 60,000 tonnes of virgin pellets and 2.5MW of power.
The announcement is a huge milestone for Land Energy and for the wider renewable energy industry which is experiencing growing demand for wood pellets as a renewable fuel.
John Westmacott, CEO of Land Energy commented: “I am delighted that we have secured the full funding for our planned state-of-the-art plant in Girvan. All major suppliers have been signed up and work will commence shortly on site. Our external funder has provided significant support in getting this project to financial close and we look forward to working with all our suppliers and financial partners on developing this facility.”
Tom Thorp, investor director of Land Energy and investment manager at Foresight Group, which is a significant shareholder in Land Energy, added: “Land Energy’s management team has worked extremely hard over the last 18 months to achieve financial close on this very exciting opportunity. Their commitment and desire to enable this Girvan project to move forwards is to be commended especially at this time, with the backdrop of limited financial support from major institutions for environmental infrastructure in the UK. I look forward to seeing the success of Land Energy Girvan Limited and the wider group flourish over the coming years.”
Land Energy is acting as principal contractor and 11 major suppliers will be involved in providing equipment, technical knowhow and construction skills in achieving the target of full operations in 18 months time.
Mike Morrice, Land Energy Girvan’s project manager commented: “This type of plant is a first for the UK and we're excited about getting into the construction phase. Although this is Land Energy's largest and most complex plant to date, our experience of building and operating other pellet plants has been a real benefit in refining the design for Girvan.”