Evermore Renewable Energy (ERE) is a Northern Irish project developer engaged in the development of biomass-fired combined heat and power (CHP) plants. Having heard about BWSC’s involvement in the Western Wood Project, the ERE developers Ciaran and Stephen Devine made the initial contact back in July 2009. In the period to follow, the cooperation between BWSC and ERE intensified and together with consultants and advisors, the Evermore project was jointly developed.
Financial structure and participating partners
The project is owned by a special purpose vehicle (SPV) where the shares are held by ERE, the UK Green Investment Bank (GIB) and BWSC. The project is financed by a combination of equity provided by aforementioned; mezzanine loans will be provided by GIB and Gravis Capital Partners LLP (GCP) and senior debt provided by Investec Bank Plc in cooperation with EKF (Export Credit Agency). ERE and the project investors have employed Fichtner Consulting Engineers as technical consultants and Clifford Chance and Eversheds as legal advisors.
The Evermore CHP Plant is the first of its kind to be constructed in Northern Ireland. The project is expected to be the largest renewable energy project in the region, increasing renewable electricity capacity in Northern Ireland by around 10%. The plant will divert over two million tonnes of recycled wood from landfill over its lifetime and will further save approximately 3.7 million tonnes of CO2 emissions. The plant will combust an annual volume of approximately 110,000t of recycled wood which would otherwise have had to be deposited. Fuel will be supplied by sea or by lorry from Stobart Group and several local suppliers.
The plant burns recycled wood in a Weiss boiler to produce high pressure, high temperature steam at 470°C and 85bar. The steam is fed into a steam turbine generator in which the steam’s energy is converted first to the mechanical energy of the steam turbine rotor and then into electricity at a voltage of 11kV.
The total output of the Evermore CHP Plant is 15,800kW and 6,100kW of heat at an annual average efficiency, all varying operational conditions taken into account, in excess of 40%. The plant produces electricity equivalent to the consumption of approximately 25,000 households and businesses.
BWSC will operate and maintain the plant for a 15-year period and expects to hire approximately 20 employees to secure the daily operation and maintenance.