PensionDanmark invest £160m to Lincolnshire power plant
PensionDanmark has announced that it will be building a new biomass power plant in Lincolnshire.
The Danish pension fund is joining forces with
Burmeister & Wain Scandinavian Contractor A/S (
BWSC) to invest
£160 million in building, owning and operating power plants across the world.
Brigg Renewable Energy Plant in
Lincolnshire is set to be the first project in the investment programme and officials have explained that it will be primarily fuelled using local straw to produce enough energy to cover the total consumption of 70,000 households.
Officials at both
BWSC stated that the plant is expected to be operational by 2016 and will help to boost the region's commitment to renewable energy.
BWSC has a
£32 million stake in the development and will be the head of building, operating and maintaining the plant.
Heine Jensen, chief executive officer at
BWSC, explained that this latest move will put Danish energy technology on "the world map". He expects the development to show the importance that the Scandinavian nation can provide in terms of renewable energy and
biomass generation. The
Brigg Renewable Energy Plant has been developed by British-based
"This is a breakthrough for Danish energy technology exports. The financial crisis has challenged the success of Danish businesses exporting sustainable energy plants. Now,
PensionDanmark are forming a joint venture with the aim of building, owning and operating select
biomass power plants internationally," Mr
Heine Jensen added.
PensionDanmark administer occupational pensions, healthcare and education funds for 12 union and 37 employers' associations with a total of 630,000 members. These members of staff are in work in both private and public enterprises and is the largest company of its ilk in Denmark.
BWSC has a number of deals in project for
fossil-fueled power plants while also selected renewable and waste-to-energy technology. The
Lincolnshire deal represents a step in the
biomass sector in the UK.
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Date: 15/08/2013 16:19:00
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