Banks plough £100m into micro gas power plants

Banks plough £100m into micro gas power plants

Some of the UK's biggest banks have agreed to invest £100m in a fleet of eleven micro gas-fired power plants across England to offer the national grid fast-starting power options.

Lloyd's commercial banking division, HSBC and NIBC have agreed to finance Green Frog Power's plans for 220MW of gas-fired power capacity across sites from Plymouth to Newcastle.

The £100m loan could be stretched by a further £50m to allow Green Frog to build another 110MW worth of gas-fired power in the next few years.

Together the flurry of small gas plants represent the equivalent of one large gas-fired power unit, which could compete for contracts with National Grid to help balance the energy system as old coal-plants are shut down.

The mini-plants are capable of quickly ramping up from idle to maximum power output in just five minutes, meaning they could play a key role in managing Britain's transition to a more flexible power system.

Read more at The Telegraph.

< back