Biogen Gets RBS Loan to Roll Out Food Scraps-to-Power FacilitiesLouise Downing
Biogen Ltd., a U.K. developer of facilities that generate electricity from food scraps, received a loan from Royal Bank of Scotland Group Plc to roll out 10 projects by 2017.
The bank is lending Biogen 22 million pounds ($37 million), the Bedfordshire-based company said today in an e-mailed statement. The loan, together with investments from Kier Group Plc and Bedfordia Group Plc, which each own half of Biogen, brings the amount the company will invest in developing its facilities to 70 million pounds.
“Each new anaerobic digestion plant we build will result in more food waste being diverted from landfill, more renewable energy being generated for communities and more jobs created for local people,” Biogen Chief Executive Officer Richard Barker said in the statement. “More businesses and local councils will have better access to sustainable food-waste treatment on a national scale.”
Biogen’s plans are underpinned by a landfill tax that’s raising the costs supermarkets and businesses incur to bury waste underground. The tariff is 72 pounds a metric ton and will rise to 80 pounds in April. Barker said in September the tax will help drive a doubling in revenue for Biogen by the end of 2015.