A joint venture between Shanks and Paragon Efficiencies has sealed a £7.25 million funding deal with bank Barclays.
Energen Biogas, which is running an anaerobic digestion facility in Cumbernauld near Glasgow, has accessed the cash through the Bank of England’s Funding for Lending scheme via Barclays’ Cashback for Business programme.
The company is currently operating its first anaerobic digestion plant that is capable of handling 85,000 tonnes of waste per year. It has just completed its first year of testing, and is now looking to expand the business.
Energen Biogas managing director Robert Etherson 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 marketplace, the customised services we offer are allowing us to significantly grow a diverse customer base.”
Barclays relationship director Andrew Meadowcroft added: “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.”