Gentse Warmte Centrale

Equitix and NatWest Bank have today reached financial close on the development and operation of a 19.9MW Biomass-to-Energy plant in Ghent, Belgium. Gentse Warmte Centrale (GWC) has been developed by Belgium Eco Energy (BEE), a Belgian energy company who are a joint shareholder that will also provide management services to the project company. The project is supported with a 15-year Flemish Government subsidy, via Green Certificates.

GWC will process around 150,000 tonnes per annum of demolition waste wood that is not fit for recycling, sourced from industrial companies and households and processed to specification at sites across Benelux. The fuel supplier for the project will be Renewi, the largest waste collection and reprocessing company in the Netherlands and one of the top two in Belgium. It operates over 2,500 trucks and over 100 waste sites in Benelux. Fuel for the project will be delivered through a combination of barges and trucks.

Elecnor, a global contractor, has been selected as the main construction partner. They will be supported by Burmeister & Wain Scandinavian Contractor (BWSC) who will provide the boiler, flue gas treatment and stack for the plant, as well as being the long term operator.

Simon Green, Managing Director of Greenfield Investments at Equitix said: “Equitix is delighted to have achieved this significant milestone with BEE and to be a part of the long-term future of this biomass-to-energy plant in Belgium. This is a strategically important asset for Belgium which diverts waste from expensive and environmentally unsustainable landfill or export. We look forward to working in partnership with BEE and the project partners to continue converting waste into renewable power. This investment supports our broader strategy that focuses on delivering stable, long-term yields to our investors.”

Michael Corten, Chief Executive Officer of BEE said: “Gentse Warmte Centrale is the first large scale project for BEE and the start of a strong pipeline of similar developments in other European countries. We are delighted to be working with Equitix and NatWest on this and look forward to further co-operation between us going forward.”

Bruce Riley, Managing Director and Head of Infrastructure and Project Finance at NatWest, said: “We are delighted to be supporting Equitix and BEE on this strategically important sustainable energy asset in Belgium.  The Sustainable energy sector is a key focus for NatWest and we are proud to have delivered a successful financing working closely with both teams to meet their requirements.”