UK Green Investment Bank (GIB) is investing £80m to build a new £340m combined heat and power (CHP) energy plant from waste facility near Sittingbourne in Kent, England.

Once operational, the new 43MW CHP facility will be able to produce enough power to provide electricity to the grid.

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It will also be able to supply renewable heat to British packaging company DS Smith’s Kemsley Paper Mill, which manufactures sustainable packaging for the retail industry.

GIB chief executive Shaun Kingsbury said: “This plant will put renewable energy to work for one of Kent’s major employers, while helping the UK meet its climate change and waste management goals.

"This plant will help the UK meet its climate change and waste management goals."

“Combined heat and power is a prominent feature of the low-carbon energy infrastructure in mainland Europe and Scandinavia and is one of the key technologies that can help British industry become more efficient, competitive and cleaner.”

The Kent CHP plant will help decarbonise the production process, along with reducing carbon emissions, by replacing part of the Kemsley mill’s steam supply.

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Once complete, the plant will serve as the first large-scale energy producer from waste facility supported by the contract for difference (CfD) mechanism.

Every year, the new facility is expected to produce up to 180GWh of renewable heat, as well as 154GWh of renewable power, which is equivalent to the electricity required by 37,500 households.

It will also be able to displace fossil fuels in heat and power production with an aim to reduce carbon emissions by more than 163,000t every year, along with preventing approximately half-a-million tonnes of waste from entering landfill.

Expected to be operational in 2019, the new Kent facility will be able to generate about 500 job opportunities during the construction phase, while the plant will support about 40 full-time operational roles once completed.