Foresight Group and the UK Green Investment Bank plc have announced the investment of £20 million into the construction of the Evermore Renewable Energy 15.8MWe wood fuelled combined heat and power station to be built at the Londonderry Port and Harbour Commissioners land at Lisahally, in Northern Ireland.

The Foresight managed fund, UK Waste Resources & Energy Fund has made the investment, which is the first Green Investment Bank funded project in Northern Ireland.

Foresight has sourced co-investment from GCP Infrastructure Fund Limited and Burmeister & Wain Scandinavian Contractor A/S and worked alongside Investec Bank plc and Eksport Kredit Fonden in structuring and financing the project.

The project:

The Evermore project is expected to become operational during 2015. Over the expected 20 year lifetime of the project, it is forecast to supply renewable electricity equivalent to the needs of more than 25,000 homes a year, create 200 construction jobs and more than 20 full time jobs once operational.

The project will be the biggest renewable energy plant in the region, increasing renewable electricity generation in Northern Ireland by around 10%.

Over the project life it is forecast to save 2 million tonnes of wood from going to landfill and is expected to deliver a reduction in greenhouse gas emissions of around 3.7 million tonnes.