Prestige Funds Announces £23m For New UK Biogas Plant
Kent will benefit from a new biogas plant thanks to a £23.2 million investment from Prestige Funds.
The provider of renewable energy finance has revealed it will pay for the construction of a 2.5MWe (700 nm3/h biomethane) ‘gas to grid’ anaerobic digestion (AD) plan in the southern county.
This comes in addition to the £40 million it has already lent in January and February this year to aid AD facilities in Britain.
Founder of Prestige Funds Craig Reeves stated private finance is essential to help clean energy projects in the UK get off the ground, adding: “Around the country, biogas and other clean energy projects are being brought into being through the investment of private loan capital, helping Britain to meet its clean energy goals.”
The site in Kent is expected to take 20 months to build and will be run entirely on animal and food waste from local businesses and the surrounding community.
Using complicated machinery, including tank blanketing valves, it will generate green gas that is ready to go into the natural national gas grid.
This will help the government meet its renewable energy targets and reduce our dependence on fossil fuels for electricity.
There are now more than 500 AD plants in operation in Britain, while £150 million to £300 million is expected to be invested into more sites over the course of the year.
Indeed, using renewable energy is becoming more popular, and Worthy Farm has revealed an AD plant will power the iconic Pyramid Stage at Glastonbury Festival this summer. A generator will turn methane gas from cow manure into 124-kilowatts of energy needed to power the stage, The Festivals reported.