The Green Investment Group (GIG) announced financial close on the acquisition of a 50 per cent stake in Grangemouth’s Earls Gate Energy Centre (EGEC) – a 21 Megawatt combined heat facility which starts construction next year, creating up to 500 jobs.
When it becomes operational in 2021 it is hoped the EGEC will prevent 216,000 tonnes of household and commercial waste from entering landfill annually year and will also provide heat and power to local industry, including nearby chemical firm CalaChem.
Edward Northam, head of GIG Europe, said: “For the first time ever, 2017 saw Scotland recycle more waste than it sent to landfill. This is a fantastic achievement, but there remains a lack of capacity in Scotland’s waste management system to unlock the value to businesses and households from converting residual waste into low-carbon energy.
“The Earls Gate facility will play a major role in changing that. GIG is very proud of its Scottish roots and Earls Gate is our 19th investment in Scotland to date, and we’re delighted it will help secure a reliable, low-cost, green heat and power supply for local industry, further supporting the decarbonisation of the Scottish economy.”
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Neil Partlett, chief executive officer of CalaChem, added: “CalaChem has been a part of Grangemouth industry for almost 100 years. Electricity and heat are both vital to the operations of CalaChem and the other companies based on our Earls Gate Park.
“In addition to improved environmental performance and operational reliability, the new Earls Gate Energy Centre will also enhance CalaChem’s international competitiveness by controlling overall energy costs.
“This will help secure jobs, meaning CalaChem remains a valuable economic asset to the region. We are very excited that the project has reached this milestone and look forward to construction commencing shortly.”