Prestige Funds, one of the leading providers of private finance to the UK’s agriculture, clean energy and SME markets, has agreed a £22.7m funding deal for the construction of a 3MW gas to grid anaerobic digestion (AD) plant in the northeast of England.
The plant will be powered by feedstock waste from farms in the area of Newcastle, Sunderland and Gateshead.
The new plant is the latest in a series of AD plants that have been financed by Prestige Funds. Biogas plants are said play an important role in converting ‘on farm’ organic waste into green energy for use by local communities.
Via its specialist asset-backed direct lending fund, Prestige has approved over £60m of new lending into the UK AD sector since the beginning of the year.
The biogas project is being financed by Privilege Development Finance, a provider of specialist asset-backed finance which is part of the Prestige/Prime group of companies.
Craig Reeves, founder of Prestige, said: “We are very pleased to be playing a continuing role in the financing of important green energy projects around the UK. Private finance represents a critical source of capital for the transformation of the country’s clean energy generating capacity, replacing more traditional sources of commercial finance. We expect that UK and overseas investors will continue to play an important role in Britain’s green revolution.”