24th Mar 2015 08:08
LONDON (Alliance News) - Infrastructure and support services company Stobart Group Ltd on Tuesday said it has signed a 15-year index-linked biomass fuel supply agreement with Tilbury Green Power Ltd.
Under the deal, Stobart Energy will supply 270,000 tonnes per year of waste wood to a new biomass plant being built at Tilbury Port in Essex.
Stobart said financial close has been reached on the GBP175 million Tilbury plant, which will be built by Burmeister & Wain Scandinavian Contractor AS, the Danish power plant construction company
Stobart is investing GBP7.5 million in the construction of a new processing facility which will be built adjacent to the new plant. Construction of the facility will start this year, with the fuel supply deal to start in March 2017.
Stobart shares were up 1% to 103.00 pence at the open on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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