One of the largest green projects on Teesside is now ready to build following the government ruling on Renewables Obligations Certificates (ROCs).
MGT Power, the company behind a biomass power station planned for Teesport, will create hundreds of jobs and generate £30m for the local economy.
Construction of the plant had been delayed since February whilst the government consulted on incentive levels for renewable energy schemes, but this week’s decision means that the plant’s revenue level is guaranteed for the next 20 years.
There are still a number of major green projects awaiting the go-ahead in the North East, but MGT is one of only a few UK biomass schemes competing for investment, and has “all its ducks in a row” according to company bosses.
“This really is the final regulatory hurdle out of the way – we are very pleased,” said MGT director Chris Moore.
The ROC places an obligation on licensed electricity suppliers in the United Kingdom to source an increasing proportion of electricity from renewable sources.
Source: nebusiness