The developers of the world’s largest new-build biomass plant have reached financial close.
The 299 MWe Tees Renewable Energy Plant (Tees REP) in north-east England is due to be completed by 2020 and will be built by Samsung C&T and Tecnicas Reunidas under a turnkey engineering, construction and procurement contract.
Project partners MGT Power and Macquarie Capital completed a £900 million round of funding to reach financial close on Tees REP. Construction will start “imminently”, Macquarie said in a statement.
Macquarie will own 50 per cent of the equity in the project, with Danish pension fund PKA owning the remaining 50 per cent.
Finnish energy firm Fortum will provide operation and maintenance for the project, while an agreement with Enviva Wilmington Holdings will see the biomass firm provide the plant with nearly one million metric tons of wood pellets per year.