ESB and UKGIP announce sale of shareholding in Tilbury Green Power
ESB and UK Green Infrastructure Platform (UKGIP) today (1 July 2021) announce the sale of their shareholding in Tilbury Green Power to a consortium of Altri/Greenvolt and Equitix. This follows a tender process which commenced at the start of 2021.
Tilbury Green Power is a 41.6 MW biomass project located in the Port of Tilbury. The project commenced construction in 2015, gained completion in 2019, and has built a track record of operating performance over the last 18 months.
The project was constructed by a joint venture of Burmeister & Wain Scandinavian Contractor (BWSC) and Aalborg Energie Technik (AET), who also operate the plant through Western Biomass Operating Company Ltd. Fuel is supplied by Stobart Energy, and power is sold to ESB. The plant is one of the few facilities in UK capable of processing low grade waste wood, sourced from demolition sites and household waste recycling facilities, into renewable energy providing power for over 80,000 homes, and diverting 250kt of waste wood from landfill. Tilbury Green Power is fully accredited for Renewable Obligation Certificates (ROCs).
Tilbury Green Power represented ESB’s first investment in the UK’s biomass sector in 2014. ESB is pleased to have delivered a clean, advanced and innovative plant that is successfully generating renewable energy and reducing landfill waste. ESB’s divestment of its stake comes as a result of a recent strategic review in relation to its existing investment portfolio. ESB congratulates the new owners of Tilbury Green Power on their successful acquisition.
UKGIP was set up in 2017 to take over, manage and divest a number of investments following the sale of the Green Investment Bank, and is owned by the Department for Business, Energy & Industrial Strategy and Macquarie Capital. The successful sale of Tilbury Green Power marks the completion of UKGIP’s mandate.