ENERGEN Biogas, the Cumbernauld-based waste-to-power specialist, has sealed a £7.25 million funding deal with high street banking giant Barclays.
The company – a joint venture between Shanks Waste Management and Dundee-based Paragon Efficiencies – is accessing the Bank of England’s Funding for Lending Scheme through Barclays’ “Cashback for Business” programme.
Bacteria are used at the firm’s plant to break down rubbish and produce gas under a process known as anaerobic digestion.
Following a year of testing, the Cumbernauld site is now fully operational and has the capacity to process 60,000 tonnes of waste each year, according to the company.
Robert Etherson, managing director of Energen Biogas, said: “The agreement with Barclays is very welcome as it will allow the business to continue to expand.
“While we operate in a very competitive market place, the customised services we offer are allowing us to significantly grow a diverse customer base.”
Andrew Meadowcroft, a relationship director at Barclays, said: “Renewables is a key growth area for us, and Energen Biogas exemplifies the types of business we are looking to support. Shanks Group is a long-standing client of Barclays and we have worked with the joint venture on this project from the very early stages.”