The European Investment Bank (EIB) has announced that it has provided an EUR 30 million loan to finance the CHO Tiper renewable power generation plant developed by CHO Power, a subsidiary of France-headed Europlasma Group. The project is also supported by InnovFin – Energy Demonstration Projects (EDP), a financial product developed under Horizon 2020, the European Union's framework programme for research and innovation.
CHO Tiper is an innovative project for a cogeneration plant using the gasification of waste and biomass with an installed capacity of 11 MWe. By applying a proprietary plasma gasification process developed by Europlasma, the plant will produce clean electricity from solid recovered fuel (SRF) and forestry waste, without environmentally harmful emissions.
Support for innovation and combating climate change are priorities for the EU bank. This is why I am delighted that the EIB is financing this innovative, pioneering project with a major economic and social impact for the region. With this new financing, the EIB is supporting the creation of a promising sector. Renewable gas is an energy resource for the future of Europe, said Ambroise Fayolle, Vice-President EIB.
Each year, this plant will provide enough electricity for 45 000 people while preventing 50 000 tonnes of non-recyclable waste from being sent to landfill and stopping 28 000 tonnes of carbon dioxide (CO2) from being released. The CHO Tiper project includes a total investment of EUR 60 million and will make it possible to create 65 long-term jobs in Thouars in the Nouvelle Aquitaine region of France.
I am pleased that a renewable energy pioneer like Europlasma has been able to secure EU support and I hope that the list of beneficiaries will keep growing to promote the energy transition. Innovative technologies promoting clean energy are vital and need our support to develop, said European Commissioner Carlos Moedas
The project was approved by EIB on March 28 with the support of independent experts such as Fichtner (project technical audit), Watson Farley & Williams (legal implementation of the financing), Willis Towers Watson (insurance) and EY (financial model). This financing comes in addition to those already obtained from Ademe (EUR 12 million) and the Nouvelle Aquitaine Regional Council (EUR 2 million).
The Europlasma Group is happy with this commitment, which confirms the relevance of the pyro-gasification process successfully developed by CHO Power. With growing demand for green energy production using waste, our group plans to roll out its project portfolio both in France and across Europe, concluded Jean-Eric Petit, CEO, Europlasma.
About InnovFin EDP
Under Horizon 2020, the EU research and innovation programme for 2014-20, the European Commission and the European Investment Bank Group (EIB and EIF) launched a new generation of financial instruments and advisory services in 2014 to help innovative firms access finance more easily. Until 2020, InnovFin – EU Finance for Innovators is offering a range of customised products providing financing support for research and innovation (R&I) by small, medium-sized and large companies and promoters of research infrastructure.
Backed by funds set aside under Horizon 2020 and by the EIB Group, InnovFin – EU Finance for Innovators financial products will be used to support R&I activities, which by their nature are riskier and harder to assess than traditional investments, and therefore often face difficulties in accessing finance. All are demand-driven instruments, with no prior allocations between sectors, countries or regions. Firms and other entities located in EU Member States and Horizon 2020 Associated Countries may become final beneficiaries.
InnovFin Energy Demonstration Projects (EDP) provides loans, loan guarantees or equity-type financing typically between EUR 7.5 million and EUR 75 million to innovative demonstration projects in the fields of energy system transformation, including but not limited to renewable energy technologies, smart energy systems, energy storage, carbon capture and storage or carbon capture and use, helping them to bridge the gap from demonstration to commercialisation. The product is deployed directly by the EIB.