The Evermore Renewable Energy project reached financial close on 30 July 2013. The project involves the construction of a 15.8MW wood-fuelled combined heat and power plant, which is estimated to save around 3.7 million tonnes of CO2 emissions and produce enough electricity to supply the equivalent of more than 25,000 homes. Two million tonnes of wood will be burned at the new £81 million plant, located in Londonderry Port, Northern Ireland. This will be the largest renewable energy project in Northern Ireland and will increase the amount of sustainable electricity generated in Northern Ireland by approximately 10%.
Operis carried out an audit of the financial model used for the project, including a review of the tax and accounting treatments, on behalf of the sponsors and lenders.