7 July 2015 - By Kelley Price
MGT Power is now to appoint a lead construction contractor and details of the job application process will follow
The UK’s largest biomass plant at Teesport has almost cleared its final hurdle - giving the green light for hundreds of Teesside jobs.

Work on MGT Power’s “landmark” L650m plant at Teesport could start by the end of the year, after investment firm Macquarie Group signed a deal to finance the scheme.
The long-awaited Teesside Renewable Energy Plant (REP) at Teesport will create 600 construction and 100 permanent jobs.
The plant has been in development for more than seven years, but now bosses expect to reach “financial close” by the end of the year - with diggers expected on-site soon after.
MGT Power is now to appoint a lead construction contractor and details of the job application process will follow. An announcement is expected in the next three months.
The project took a leap forward last year when MGT Power was included on a Government list of eight key schemes, chosen to receive a fixed price for the electricity it produces, for 15 years.
The European Union backed the Government’s Contract for Difference support in January, in another vote of confidence.
Tees REP will generate enough electricity to supply 600,000 homes.
Ben Elsworth, MGT Power chief executive, said: “Following the sanction by the European Commission of the project’s Contracts for Difference (CfD) earlier this year, the involvement of Macquarie as an investor and adviser represents another major step forward in the process to finance the project.”
The company is aiming to start construction on-site by “early 2016 at the latest”, he added.
Mark Dooley, from Macquarie, said: “Macquarie is delighted to be partnering with MGT to bring this landmark project to fruition.
“As one of the first renewable energy assets to be project financed under the new UK CfD regime and the largest dedicated biomass project to be built in the UK, the project presents some challenges but also a great opportunity for the finance market.
“The transaction demonstrates Macquarie’s ability to support clients with advice and capital at all stages of a renewable energy project’s life.”
MGT Power will also provide heat for companies operating near the Teesport site and will “play a major part in the country’s energy security going forward” according to bosses.
The project will use sustainably forested wood pellets and chips transported from overseas, yet will still have up to 82% lower carbon emissions than typical coal and gas-fired plants.