EU funds £240m White Rose plan Financial Services

Europe’s one of the first carbon capture and storage (CCS) projects its the White Rose plan. It is being designed by Capture Power, that is a consortium of Alstom, BOC and Drax in cooperation with National Grid.

When completed, the plant should occupy approximately 90% of its carbon dioxide emissions, and store two million tonnes of carbon dioxide a year beneath the North Sea seabed.

A new 426MW clean coal power plant with a huge CO2 transport and storage network is to be constructed as per the plan.

White Rose is a sole CCS plan in Europe to be allocated funding underneath a NER300 programme, a European Commission account for innovative renewable energy technology.

The UK authorities has committed £100m to the White Rose project, along with another CCS plan in Peterhead.

According to Ed Davey, Energy secretary - The UK is at the cutting edge of developing carbon capture and storage, with splendid capability for storage in the North and Irish Seas, and the specialization in operating offshore to make it a possible. Being the world leader in the technology, as carbon capture and storage is marketed, UK will be in first position to export this cognition to a decarbonising world economy.

The European Commission has made this significant NER300 award decision in favour of the White Rose plan due to which we are very much enthralled. We entered into the FEED contract for the plan as a selected bidder in the UK CCS Commercialisation Programme, in December 2013. The NER300 award is another milestone in our development programme and a vital potential source of financing for the plan, as well as facilitating a strong sign for CCS in Europe. We are goon on lane to present the major role that CCS can lead to in the future UK energy mix. CCS is an critical record technology facilitating clean, reliable, and cost effective electricity with the potential to induce widely to the decarbonisation of world power markets, says, Capture Power CEO Leigh Hackett.