UK Green Investment Bank and Irish electricity utility Electricity Supply Board successfully reached financial close for a renewable power plant situated at the Port of Tilbury in Essex on March 19, 2015.

The 300 GWh power station will generate enough electricity to power more than 70,000 homes and will be powered by waste wood sourced locally and processed onsite.

The plant will be constructed and operated by a consortium of Burmeister & Wain Scandinavian Contractors A/S and Aalborg Energie Technik A/S. During the construction phase, 370 jobs will be created. The plant will become operational in 2017.

The senior debt funding for the project is being provided by EKF, Rabobank and Investec.

In its role as model auditor to the consortium, Operis undertook a full audit of the financial model used at financial close. This included conducting a review of the model’s tax and accounting.

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