COMPANY/PLANT GENERAL
1. Who/what is Gaia Power?
Gaia Power Tees Valley Limited (GPTVL) was formed by a group of energy professionals and offers a multi-functional and highly skilled team with over 100 years combined experience.
2. Why is Gaia doing this and why now? What is driving it?
The existence of GPTVL is in response to the EU Renewable Energy Directive, which tasks the UK with obtaining 15% of its total energy from renewable resources by 2020.
3. What is the company’s track record in renewable energy?
The company’s founders have extensive and complementary experience in large-scale capital intensive projects including both the renewable power and renewable fuel sectors.
4. What is the project costing and who is funding it?
The total project cost is currently expected to be around £200 million. Funding will be entirely from the private sector and will most likely be a combination of limited recourse debt and independent equity.
5. How likely is it to go ahead in the current difficult climate?
Both national and local government policy support projects with the environmental benefits that GPTVL’s project will bring. GPTVL has already received indications of significant support from both potential debt and equity providers who remain attracted to the sector despite the current economic climate.
6. What are the critical milestones before it can go ahead?
The Teesside project firstly requires planning consent. GPTVL will obtain the necessary finance in parallel, so that, subject to receiving this planning approval, construction is expected to begin shortly after.
7. What approvals are needed?
The process for achieving Planning Consent requires most other relevant issues to be taken into consideration. Additionally GPTVL will need an electrical connection and will ensure its equipment meets the necessary requirements for connecting to the electricity system.
8. What is the plant’s likely lifespan?
The design life of the plant is around 30 years.
9. Would your ambitions be to create other plants like this either on Teesside or elsewhere in the UK/Europe?
GPTVL and/or its shareholders intend to build further biomass based power generation plants at appropriate sites within the UK, subject to availability of suitable fuel and the necessary regulatory approvals.
10. Is the technology considered to be the best available?
The Environment Agency will only give approval for operating the plant if it considers the plant is to use the best available technology (BAT).
11. Who will be building it?
GPTVL will retain an experienced major contractor to manage the construction of the plant.
12. Will you be working with the local council to help them meet their renewable energy targets?
GPTVL has been working closely with Stockton Borough Council to not only help them meet renewable energy targets but to provide new employment opportunities in the Borough and to assist in regeneration.