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Crown Capital Eco Management: Green energy plant to power 25,000 homes10 Years AgoCrown
Capital Eco Management
Renewable
energy could power 25,000 homes and boost carbon neutral generation by 10% with
the opening of Northern Ireland's biggest biomass plant in 2015.
The £80m project will also
create around 200 construction jobs and 20 permanent positions.
Work is expected to start
over the next few weeks on the plant, which won planning permission three years
ago, on a 10-acre site at Londonderry Port.
Antarctica Melted in the
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At least 115,000 tonnes of
recycled wood will be burnt every year over 20 years to produce heat and power at
the Evermore Renewable Energy Plant in Lisahally, described as a combined heat
and power plant (CHP). Brothers Ciaran (30) and Stephen Devine (28) from
Eglinton are the co-founders of Evermore Renewable Energy, which is leading the
project and has won funding of £20m from the UK Government's Green Investment
Bank in its first venture in Northern Ireland.
Specialist bank Investec
is lending £40m to the scheme and infrastructure investors Gravis Capital
Partners £20m.
The plant will be built
and run by Scandinavian firm Burmeister & Wain Scandinavian Contractor A/S
(BWSC), also taking its first steps into Northern Ireland.
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Power NI will buy all the
energy produced on a long-term contract and use it to power 25,000 homes in the
north west.
Stephen Devine said the
brothers shared a business background, with Ciaran working as a stockbroker in
London and Stephen for business advisers KPMG up until four years ago when they
began planning the plant.
He said: "Renewable
energy is one of the most important sectors in the economy at the moment. We
need to reduce our dependency on fossil fuels.
"It's a stable market
and that's a key factor for ourselves.
"We wanted to have a
project that would benefit the people of Northern Ireland.
"This is a long-term
project which will operate for over 20 years. It's a strategic project for us
in the north west and as a young company we aspire to other projects but not as
big in scale."
He said the project was
totally environmentally
sound using the "best in class technology".
Around
200 people are expected to work on the construction of the plant with 20
eventually employed in its operation. Around 70% of the fuel which will be
treated in the plant will be shipped in to Derry Port from Liverpool under a
15-year deal with Stobart Biomass Products.
In a
statement to the Stock Exchange, Stobart said it expects to make £75m over the
15 years.
The
plant, a first in Ireland, will generate 15.8 megawatts, increasing the
renewable energy generated in Northern Ireland by some 10%.
Energy
Minister Arlene Foster said the plant would make a major contribution to
Northern Ireland's 2020 renewable energy target of ensuring that 40% of
Northern Ireland's electricity comes from renewable sources.
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