The £138 million Cramlington biomass power project in the UK has successfully achieved financial close, according to the lenders' technical advisor.
Mott MacDonald says that Barclays Bank plc will provide £90 million of financing for the 27 MW power plant, which will be built in Northumberland, northeast England.
The project represents Barclays' first biomass deal in the UK.
The Cramlington combined heat and power plant will provide power and heat to neighbouring pharmaceutical operations and fuelled with sustainable forestry by-products sourced locally. Its steam cycle will include a reheat stage, typically only seen on larger projects, to enhance efficiency.
Mott MacDonald says it has completed a technical and environmental review of the project, and will now monitor construction until it is completed in 2017.