More than 200 jobs will be created after a Perthshire firm secured a major investment.
Iona Capital, which manages funds for institutional investors in the waste sector, will invest in Binn Group’s 8.6MW Energy from Waste (EFW) plant at their Binn Eco Park near Perth.
The £70 million plant aims to provide power to existing occupiers of the industrial park and export power to the National Grid.
This will create around 200 construction jobs, with a further 30 full-time roles being created when the plant is fully operational.
Director at Iona Capital Nick Ross said: “Binn Group are a strong local partner and the project delivers all of the necessary criteria that we typically seek: a proven technology, a secure fuel supply and a long-term offtake agreement.”
Binn Group bosses say the EFW plant will process almost 85,000 tonnes of residual wastes each year using moving grate combustion technology.
The move will see the firm move closer to achieving the 2045 Net Zero target date set out by the Scottish Government, which aims reduce Scotland’s emissions of all greenhouse gases to net-zero by 2045.
The plant’s electricity and heat outputs – hot water or steam – will be used within the Eco Park or further afield.
Chief executive of Binn Group Allan MacGregor said: “With the support of the Iona Capital team, the plant will be in operation in good time for meeting the ban on landfill of biodegradable municipal waste which comes into effect in 2025.”
The Binn Eco Park site already features various waste treatment infrastructure including two material recovery facilities (MRFs), a food waste anaerobic digestion facility, composting facilities, a plastics recycling plant, and waste wood processing and storage facilities.
Further plans are underway for a Masterplan to support the Eco Park’s expansion.
In December, Binn Group told councillors at a planning and development committee meeting that the plant would be “critical” for the business.
Head of compliance and project manager at Binn Stuart Fraser said: “I’m sure we all embrace recycling and waste avoidance as investment in ours and our children’s futures.
“However we also all know that we have unavoidable residual waste that has to go for disposal.
“The need for a treatment option for this residual waste is becoming critical for our business and for other waste producers within Perth and Kinross.”
Construction of the Perth EFW plant is expected to get underway later this year, having received local planning approval in December.
Commercial operations are set to go ahead in 2024.