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£4m invested in green infrastructure waste plant

Vince Cable has announced £4m of investment into a Dagenham-based waste management plant, from fund managers Foresight’s UK Waste Resources and Energy Investments (UKWREI) and the private sector.

UK Green Investments appointed Foresight to invest £50m into low carbon infrastructure schemes on their behalf, as the Government attempt to create a “green economy” through the UK Green Investment Bank.

Business Secretary Vince Cable announced the £2m investment from the Government appointed fund, which is part of the green infrastructure initiative to pump money into the small scale waste sector.

A further £2m has come from private sector investors which will be used to process 49,000 tonnes of organic waste annually.

The scheme aims to save 16,324 tonnes of carbon emissions each year, when it becomes operational at the end of 2013.

Vince Cable commented: “This project represents the first waste investment in the run up to the establishment of the UK Green Investment Bank, and sends a clear message to the market and to potential co-investors that we are committed to investing in the UK’s green infrastructure.”

Foresight’s investment is part of a £21m project to build a food and green waste processing plant, which will be the first of its kind within the M25.

This was posted in Bdaily's Members' News section by Miranda Dobson .