Specialist oil and gas investor Epi-V has received planning permission for portfolio company Moorland Energy to build an onshore gas plant in North Yorkshire.
The Ryedale Gas Project aims to address the UK energy deficit over the coming decade, a result of the natural retirement of the country's existing, old power generation and the ongoing decline in North Sea gas production.
The project will provide a secure supply of gas to replace coal-fired electricity plants. It aims to provide the energy equivalent to power 75,000 homes. It is expected to run for 20 years and produce an annual value of gas worth £37.5m (€47.9m) at current gas prices.
“The planning process took more than three years, including the preparation work needed to explain in depth the business case for the local community whilst addressing important environment concerns for a project which abuts an area of outstanding natural beauty. The grant of permission following the Secretary of State’s positive ruling in the appeal is just the end of the beginning,” said John Hutchinson, partner at Epi-V.
The planning permission will also generate 23 permanent jobs, 150 temporary positions and ten post gas-production apprenticeships.
Epi-V received a £50m investment from LDC, now a cornerstone investor, in August last year.