PLANS for an anaerobic digestion plant at a Northern Ireland farm have been backed by £1.7 million from investors.
The Green Investment Bank and Foresight are putting the money into the scheme - the third such project they've backed in the north.
The facility at a family-run farm in Armagh will generate around 3,600 MWh of renewable electricity per year and promises to reduce greenhouse gas emissions by around 2,000 tonnes
It will also produce around 18,500 tonnes of nutrient-rich fertiliser each year.
The investment is being made through the Foresight-managed Recycling and Waste LP (RAW) fund, in which GIB is a cornerstone investor.
SQN Capital Management will also invest £1.7m in the £3.4m 0.5 MW plant.
Silage, slurry, chicken litter and beet will be used to generate a biogas that will produce renewable electricity when combusted in a gas engine.
The digestate produced by the plant – around 18,500 tonnes annually – will be used as fertiliser on local fields.
Ed Northam, head of investment banking at the Green Investment Bank said: “Investing in anaerobic digestion encourages rural businesses to be self-sufficient, reducing their reliance on fossil fuels and diverting organic waste from landfill. The process creates energy generators out of those who would otherwise just be energy users, giving them the ability to make money by exporting electricity and producing fertilisers while simultaneously saving them money. Northern Ireland has once again proven that it is awake to that opportunity.”
Foresight director Phil Kent added: “We are thrilled to announce this second investment by the RAW fund in small-scale anaerobic digestion, which reflects the continuing demand for AD and the growing pipeline of opportunities for our investors.
Neil Roberts, director at SQN Capital Management said: “This is the third investment in anaerobic digestion projects in Northern Ireland that SQN Capital Management has supported in conjunction with the Green Investment Bank and Foresight and we hope to make further investments together in the future. Anaerobic digestion remains a core target area for the SQN fund as we continue to look for further opportunities within this growth area.”
