Teesside investment confirmed

Business Secretary Vince Cable will today confirm that £16m will be invested in developing an anaerobic digestion plant on Teesside as he officially opens the UK Green Investment Bank.

The green bank has been funded with £3bn of Government money and will mobilise additional private capital to make a significant contribution to the development of a green economy.

Speaking in Edinburgh where the new bank is headquartered, Dr Cable is expected to reveal that UK GIB has made its first investment since becoming operational, committing an initial £8m to a project on Teesside that will generate energy from waste.

This will attract a further £8m of matching private sector funding, the Government says.

The construction of an Anaerobic Digestion (AD) plant at Teesside is the first of six planned over the next five years, making it the largest single AD project in the UK.

The investment, made through fund manager Greensphere Capital, is part of a £80m investment programme by UK GIB in small waste projects.