Belfast power plant a step closer with investment package

Belfast Power director Ciaran Devine and Crescent Capital MD Colin Walsh on the site of the new power station
Belfast Power director Ciaran Devine and Crescent Capital MD Colin Walsh on the site of the new power station

A £280m power plant capable of supplying 500,000 homes and set to create 50 jobs has come a step closer to relaity with the announcement of a finance package by developers Belfast Power Limited.

The firm, a subsidiary of Northern Ireland based energy development company Evermore Energy Limited, has confirmed it has secured a multi-million pound investment from venture capital fund Crescent Capital to help deliver the gas-fired power station on the Belfast Harbour Estate.

When built the state-of-the-art 480MW low-carbon plant will provide enough electricity to supply 500,000 homes and businesses throughout the province and will be the most efficient of its kind on the island of Ireland.

The project will create over 350 jobs during a two year construction phase and will employ in the region of 50 skilled full-time staff when it becomes operational in 2020.

“This investment from the Crescent Capital team marks a significant milestone in the progress of the Belfast Power Station project,” said Belfast Power director Ciaran Devine.

“We are currently finalising the design of the power station and we will submit a planning application in the coming weeks.

“When operational, the power station will play a pivotal role in the all-island electricity market and will represent a new era in low-carbon generation in Northern Ireland.

“Importantly it will also help to address a predicted shortfall in Northern Ireland’s electricity supply when the power station comes online in 2020.

“This is absolutely essential to enable the continued growth of the local economy.”

Colin Walsh, Managing Director of Crescent Capital added: “The development of this new highly efficient state-of-the-art power station is an ambitious and exciting development for Belfast that will be of benefit to both domestic and business users alike.

“We have formed a very positive working relationship with the Evermore team, which has a proven track record of delivery with this type of development.

“We are excited to be part of this project and look forward to seeing the plant coming online as soon as possible.”