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2OC has signed a 20-year deal worth over £200m with Thames Water to provide renewable power and heat for the UK’s biggest sewage treatment works at Beckton in East London. The company’s nearby Combined Heat and intelligent Power (CHiP) plant will pioneer the use of fuels derived from fats, oils and greases (FOGs) which would otherwise be tipped down the drain or dumped in landfill. Other fuel sources include oil wastes from food manufacturers, processors and tallow (animal fats). There will be no virgin oils from field or plantation grown crops. Thames has committed to working with 2OC to supply well over half of its fuel demand from FOGs from the start of operation in 2015, with the intention of increasing that over time. Thames, Britain’s biggest water company, says that FOGs are responsible for most of the blockages in its 109,000 km of sewers and removing them costs £1m a month.
The CHiP plant will produce 130 Gigawatt hours (GWh) of renewable electricity a year, – that’s enough to run just under 40,000 average sized homes. 75GWh will be purchased by Thames to run its sewage works and desalination plant and the rest will be sold on to the national grid. Waste heat from the 2-stroke engine will be used in the adjacent gas pressure reduction station allowing existing gas fired boilers to be turned off. Additional renewable heat is available for any housing schemes nearby.
J Murphy and Sons has been awarded the £70m contract to build the plant which will be operational in the first quarter of 2015. iCON Infrastructure is the lead investor in the Beckton CHiP alongside EEA Holdings Ltd and Deutsche Bank.
The CHiP plant has an overall efficiency in the high 90s per cent and world beating electrical efficiency in excess of 65%. Additional power is generated from the recovery of thermal energy (provided by heat from the engine) via a turbo-expander in the gas stream.
Commenting on the deals, Andrew Mercer CEO of 2OC said: “This is the culmination of many years of hard work from my world class team at 2OC. This is good for us, Thames Water and its customers and the environment. Renewable power and heat sourced in London, generated in London and used in London.”
Piers Clark, Commercial Director for Thames Water commented: “This project is a win-win. Renewable power for two of our critical services and a means of tackling the ongoing operational problem of so-called ‘fatbergs’ which are responsible for over 40,000 blockages a year in our sewage network.”
Paul Malan, Senior Partner of iCON Infrastructure said: “We are delighted to have become the lead investor in the Beckton project. It is at the heart of the capital’s infrastructure and has the long-term support of customers of the highest calibre.”
2OC acknowledges the help of the following organisations:
Financial advisers & auditors – PWC
Legal advisers – Norton Rose & Osborne Clarke
Technical advisers – Mott MacDonald
Financial Model auditors – Operis
Notes to editors
For more information contact:
Richard Lyddon at 2OC on 07970 798765 and Richard.Lyddon@2oc.co.uk
Simon Evans at Thames Water on 07747 644364
Paul Malan at iCON Infrastructure on 020 3178 7116
2OC’s Chief Financial Officer Phil Jones has been shortlisted in the prestigious Young FD of the Year Awards. The contest, organised by the Institute of Chartered Accountants England and Wales (ICAEW), the Confederation of British Industry (CBI), Real Business and the Evening Standard newspaper, culminates in a gala evening at the London Marriott Hotel, Grosvenor Square in London in May. The ICAEW has 138,000 members worldwide and is highly regarded by the global accountancy and finance profession.
Commenting on the news that Phil is through to the final, Andrew Mercer CEO of 2OC (and a qualified accountant) said:
“This is a huge honour for Phil and is testament to the extraordinary quality of his work as we re-financed the company over the past 2-years. Thanks to Phil we are now in a great position to grow our business in the UK and overseas.”
Phil, who’s 35, graduated with 1st class honours in Electronic Engineering at Birmingham University in 1998 and qualified as an accountant in 2003. He has previously worked for Ernst and Young, Ford Cosworth and National Grid.
2OC swept the board at this years Little Britain Challenge Cup (LBCC) regatta in Cowes, winning all 5 races in the Sunsail 37 category. Made up of self-confessed “landlubbers’, some of whom had never set foot on a yacht before, they finished in top spot for every race. They came 3rd in the overall event. The LBCC attracts 250 entries and 3,000 competitors and is second only to Cowes Week in the UK racing calendar.
Commenting on the teams astonishing success, CEO Andrew Mercer, who was the only experienced yachtsman on board said: “I’m very proud of everyone. To win every race is simply astonishing for a novice crew and speaks volumes about 2OC’s team spirit and ability to rise to a challenge. This was a fantastic event and we’ll be back next year to defend our titles.”
The energy regulator Ofgem has given 2OC’s new model of Combined Heat and Power renewable status. It means that the company’s UK Combined Heat and intelligent Power (CHiP) plants, will qualify for financial support under the Renewables Obligation. In regulatory jargon, the company has been awarded “preliminary accreditation” for its first plant at Beckton in East London, meaning the government is satisfied that it can be classified as renewable generation. This follows a decision by Ofgem in October 2008, which allowed access to the National Grid owned pipeline infrastructure.
The UK energy regulator OFGEM has given consent for 2OC to develop its new Combined Heat and intelligent Power (CHiP) plants at Pressure Reduction Stations on the gas network. The company has permission to develop up to 8 sites. 2OC will use its ultra-efficient CHiP model fuelled by UK sourced vegetable and used cooking oil (UCO).
Be (ing) The Change – Andrew Mercer energises the Be The Change audience with a description of how he became a low carbon entrepreneur
Weaving together a mix of interview clips and the Greenpeace video on Anita Roddick’s activism, with a very personal description of the events and the people who’ve influenced and helped him on his journey to becoming a low carbon entrepreneur, Andrew Mercer gave the 700 plus audience some interesting ideas on how they could “Be The Change”. More »