Preston’s £700m Tithebarn Scheme Abandoned

On Wednesday, the government approved the construction of England’s largest biomass power station, a £500 million plant in Teesport, near Middlesbrough.

The 295-megawatt renewable energy plant will be one of the world’s largest biomass plants, capable of generating enough electricity to power 600,000 homes.

Announced on Wednesday to coincide with the unveiling of the government’s low-carbon strategies, the plant is expected to save 1.2m tonnes of CO2 per year and account for 5.5 per cent of the UK’s renewable electricity target.

“In just over ten years’ time, 40% of the country’s electricity will come from low-carbon sources, such as biomass,” said David Kidney, the energy minister.

MGT Power, a British company founded 18 months ago to develop biomass-generation projects in the UK and continental Europe, is developing the wood-fueled power station. Trafalgar Asset Managers and MKM Longboat are two of the company’s largest shareholders. An unnamed international group of four banks, including a UK high-street name, will provide debt financing for MGT’s first project.

Last Updated on December 30, 2021

Indra-Gupta

Author: Indra Gupta

Indra is an in-house writer with a love of Newcastle United and all things sustainable.

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