Iona Capital to invest in Binn Group's energy from waste project in Scotland
Iona Capital is to make its second investment in a UK Energy from Waste (EFW) plant. Iona is investing in Binn Group’s 8.6MW EFW plant at their Binn Eco Park near Perth, Scotland, which will provide power to existing occupiers of the industrial park and export power to the National Grid.
Construction of the EFW plant, which received local planning approval in December 2020, is scheduled to start later this year, with the start of commercial operations earmarked for 2024.
The EFW plant is intended to process 84,900 tonnes of residual wastes per annum, using moving grate combustion technology. The plant’s electricity and heat outputs (hot water or steam) will be used within the Eco Park or further afield to support the 2045 Net Zero target date set out by the Scottish Government.
Allan MacGregor, CEO of Binn Group said: “With the support of the Iona Capital team, the plant will be in operation in good time for meeting the ban on landfill of biodegradable municipal waste which comes into effect in 2025.”
Nick Ross, Director at Iona Capital said: “Binn Group are a strong local partner and the project delivers all of the necessary criteria that we typically seek: a proven technology, a secure fuel supply and a long-term offtake agreement.”
It is expected that up to 200 jobs could be created during the construction phase as well as around 30 full-time jobs when the plant is fully operational. The plant also has significant potential to deliver down-stream economic development in the green economy.
The Binn Eco Park site is already highly integrated, featuring various waste treatment infrastructure including two material recovery facilities (MRFs), a food waste anaerobic digestion facility, composting facilities, a plastics recycling plant, and waste wood processing and storage facilities. Further plans are underway for a Masterplan to support the Eco Park’s expansion.
Stuart Gordon, Investment Director at Iona Capital, and Julia Safiullina, Investment Manager at Iona, are leading the company’s involvement with the Binn Group project. Stuart is also leading Iona’s investment in the Bridgwater EFW plant in Somerset.