Prestige Funds Lending Partner To Finance UK Green Gas Project
Privilege Finance, one of the dedicated, specialist finance arrangers to direct lender Prestige Funds, is leading a £17mn project in Attleborough, Norfolk, UK which will see the town become one of the first in the country to be supplied mainly with green gas.
The project will see 100,000 tonnes of food waste collected from local households and business and processed by an anaerobic digestion plant. This will produce green gas for 4,000 homes in Attleborough. It includes the financing of four digestion tanks, a food waste reception hall and depackaging unit, plus a gas upgrader. Construction is anticipated to be completed in March 2022. The upgraded AD plant will produce up to 1,000 cubic metres of green gas per hour.
The project is being used to prove the concept of a sustainable circular waste-to-energy economy while also reducing the carbon footprint. The project is breaking new ground in the clean energy sector, as it will see green gas piped directly into homes and businesses that are generating food waste.
It is being financed using some of the direct lending capital from several Prestige Funds including Prime Alternative Finance which is focused specifically on direct lending within the UK agricultural economy and with a bias towards impact lending within clean energy infrastructure.
“The Attleborough project is a large-scale example of what we are now regularly achieving through direct lending activity in the UK,” said Craig Reeves, founder of Prestige group. “Projects like these demonstrate the material progress our strategy is already making in reducing greenhouse gas emissions in the UK. Our investors are already seeing capital making a measurable benefit in the battle against climate change.”
“It’s a true closed loop,” comments Marc Graham, Project Development Manager at Privilege Finance. “This is unique because a typical gas infrastructure would mean household gas would come from a mix of resources, but in this instance local home and business owners will be able to trace the gas production back to a renewable energy generation source.”
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