The operator of a private biomass-powered community heat and power network at Wick has received a £3.1million boost.
Ignis Biomass Ltd is one of three new green power schemes in which Ludgate Environmental Fund Ltd is investing.
Ignis has taken over the abortive Community Heat & Power (CH&P) Ltd venture which was wound up earlier this year.
It is in the throes of switching over about 200 households to its operation.
The houses will continue to be supplied by an oil-fired boiler until Ignis builds and commissions its biomass plant.
Ludgate’s investment, which is a mix of equity and loan capital, will give it a majority stake in Ignis Biomass. Craig Ibbetson, director of the Surrey-based Ignis, yesterday said: “This is obviously very good news for us and helps keep our plans on track.”
He expects the venture, which includes the plant supplying electricity to the National Grid, will cost about £20million. Mr Ibbetson said the switchover is going smoothly and should be completed shortly.
CH&P was a community company run latterly by Highland Council, which never realised its plans to run a biomass plant.