Financial closed reached on £210m Grangemouth energy-from-waste facility

Construction work on a new energy-from-waste plant in Grangemouth is due to commence next year after the £210 million project reached financial close.Specialist green energy project developer and investor Green Investment Group (GIG) and energy-from-waste (EfW) owner and operator Covanta yesterday announced financial close on the acquisition of a 50% stake in the Earls Gate Energy Centre (EGEC).The facility, which aims to prevent the equivalent of a fifth of Scotland’s total annual landfilled from entering landfill, is anticipated to become operational in late 2021, creating up to 500 jobs during construction.Working closely with co-investor and developer Brockwell Energy, which owns the remaining 50% stake, GIG said the facility will also become a direct source of reliable, green, low-cost energy for local businesses.Chemical manufacturer and site service provider CalaChem has entered into a long-term Energy Supply Agreement (ESA) for the offtake of electricity and steam produced by EGEC. The steam will be used in the manufacturing processes of CalaChem and others on site. The ESA is expected to decarbonise CalaChem’s annual energy consumption by approximately 39kt CO2e per year – the equivalent of taking approximately 17,000 cars off the road for a year. The remaining electricity will be exported to the grid.