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TEG unveils green power plans
Mick Fishwick, chief executive of The TEG Group.
A private equity group has joined forces with green technology experts The TEG Group to build its first plant which creates energy from waste.
The group, which has its head office at Buckshaw Village, near Chorley, has announced the formation of a joint venture, TEG Biogas, with London-based venture capital investor, Albion Ventures LLP.
It will build the group’s first £4.5m anaerobic digestion (AD) plant in Glenfarg, Perthshire, which will turn 16,000 tonnes of food waste into around 0.7 megawatt of electricity and 0.25 megawatt of heat.
The group has also confirmed it has secured a deal with the landlord, Binn Farm Ltd, to pump energy into its Binn Eco-Park development, which will house a number of renewable energy businesses, from the start of next year.
Mick Fishwick, TEG chief executive, said: “This AD facility promises to be an excellent showcase to support the many bids for AD plants throughout the UK and we look forward to developing our first venture with Albion Ventures LLP.
“Albion is well informed and experienced in TEG’s market place and we are delighted they have selected TEG as a partner.”
TEG has secured a £700,00 grant from Zero Waste Scotland, the government-funded body which provides support for its waste and recycling sector, to help buy plant and equipment for the development with Albion providing the rest of the cash “in the form of equity and debt.”
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