LONDON (Alliance News) - Renewable energy company React Energy PLC on Tuesdays said it has secured planning permission for the Clay Cross Biomass Ltd project in Derbyshire.
React owns a 90% stake in Clay Cross Biomass. It said the Regulatory Planning Committee of Derbyshire County Council voted in favour of approving the construction and operation of an energy recovery facility at the site on Monday.
Once commissioned, the facility is expected to convert around 80,000 tonnes of construction and demolition waste wood, currently sent to landfill, to generate up to 12 megawatt of electricity, enough to power around 18,000 homes, plus 14 megawatts of thermal energy a year.
React said it is holding talks to secure financing to back construction of the facility and estimates it will take around 18 months from obtaining the financing to the final commissioning of the plant.
React shares were up 7.3% to 7.19 pence on the news, one of the best performers in the AIM All-Share. The stock hit an intraday of 9.40p, just short of its 52-week high of 9.85p.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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