Gwynedd council has selected anaerobic digestion firm BiogenGreenfinch (Iona Capital's operating partner) as preferred bidder for the development and operation of an AD plant in Llwyn Isaf, North West Wales.
The facility is due to be operational by the summer of 2013 and once fully operational, it will have the capacity to process up to 11,000 tonnes of food waste every year and will produce enough electricity to power 700 households.
The project will be funded by Iona Capital and is the first in a series of investments across Wales expected by the Iona Capital & BiogenGreenfinch partnership.
Commenting on the company's latest development Richard Barker, chief executive of BiogenGreenfinch, said:
"We are proud and delighted to have been selected to build what will be the first anaerobic digestion facility in Wales specifically designed to take local authority collected food waste. We, together with our funders Iona, look forward to working with Gwynedd council over the next 15 years to make this project both an environmental and operational success."
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