Prince Charles leads £65m investment in biogas start-up
Waste conversion facilities set to generate 100MW of green electricity over next five years
A group of investors led by Prince Charles’ private estate is channelling more than £65m into a brand-new cleantech start-up, which aims to generate energy from organic waste.
Supermarket giant Sainsbury’s and financier Jacob Rothschild are among the other investors in Tamar Energy, which plans to open more than 40 anaerobic digestion plants for organic material over the next five years. The network of digestion plants will convert the waste matter into biogas, which can then be pumped into local generating plants or injected into the gas grid. Tamar hopes the plants will generate 100 megawatts of green electricity between now and 2017. In addition to its £2m investment, Sainsbury’s is also acting as a strategic partner for Tamar, which launched last week. The retailer’s chief executive Justin King said: “We will be working closely with our suppliers to ensure they have access to the new plants, to help them reduce the environmental impact of their operations. “With the support of our suppliers we are very confident that this new venture will be a success, helping build Tamar Energy into the UK’s leading green energy company.” The Tamar venture has also received the backing of energy and climate change secretary Edward Davey, who told reporters: “This is the sort of project that will be crucial for keeping the lights on and emissions down in the UK in the coming decades. “Getting new investors to come into the clean energy market is one of my priorities, (and) the consortium behind Tamar is a prime example of this, combining familiar high street names with big international investors. “Energy from waste has the potential to make a substantial contribution to our renewable energy targets and so I look forward to seeing Tamar’s plans come to fruition.”