May 13 (Bloomberg) -- The U.K. Green Investment Bank will provide 7.5 million pounds ($12.6 million) of funds for a north London plant that will turn food leftovers into power.
The money, channeled through Foresight Group LLP, will go toward an anaerobic digestion and green waste composting plant built by D Williams & Co. in Enfield, the bank said today in an e-mailed statement.
Hotels, restaurants and shops in and around London will contribute about 30,000 metric tons of food waste each year, diverting leftovers that would otherwise have gone to landfill, it said. The plant will use the waste to generate about 7,400 megawatt-hours of power a year, enough to supply 1,750 homes.
Building will start next month and the plant is expected to operate by the spring of 2016, according to the statement. The investment is being made by the Foresight-managed U.K. Waste Resources and Energy Investments. Foresight will invest another 7.5 million pounds through its Foresight Environmental Fund.
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