A £210 million waste to energy plant will create 500 jobs at Grangemouth when construction gets under way next month.
Brockwell Energy said its proposal for the Earls Gate Energy Centre (EGEC) had reached financial close and the near three-year build-out of the project will now begin within weeks.
EGEC is a 21.5 megawatt facility that will process 216,000 tonnes of household and commercial waste each year and provide low carbon heat and power to local industry, including chemical manufacturer CalaChem.
“We recognised the potential in Earls Gate from the outset,” said Brockwell CFO Iain Cockburn.
“The delivery of such a flagship project for Scotland more than justifies the
significant financial investment we have made over the past three years and demonstrates that it is possible to build and finance high quality merchant energy recovery plants without the need for subsidies.
“We are also very grateful for the commitment of the CalaChem team in supporting a highly demanding development programme and to our banking group of ABN Amro, NatWest Bank Plc, MUFG and Investec Bank Plc for their support.”
The new waste plant will be jointly owned by Brockwell and a co-investment vehicle set up by the Green Investment Group (GIG) and Covanta Energy.
In addition to the 500 construction jobs, the site is expected to deliver 30 long-term operational roles.