SHARC Agrees on Major Funding Deal
The construction of a district heating scheme at the Clyde Gateway regeneration project in Glasgow will be supported by a funding deal, agreed by SHARC Energy Systems. The UK green energy firm will use its innovative wastewater heat recovery technology to generate the heating and cooling services for the site’s future occupiers, providing an initial 2MW of capacity, with room to expand further as the development grows.
“We are delighted that we have achieved this significant milestone, enabling us to move confidently to construction over the next few weeks,” said Russ Burton, the Chief Operating Officer of SHARC Energy Systems. “It means we are now in a position to get going with the installation of our wastewater recovery systems at what is Scotland’s biggest regeneration project. It is a very exciting moment for all of the team at SHARC.”
““This project will enable us to further demonstrate our contribution to the Scottish Government’s ambitious and exciting energy decarbonisation and transition strategy, aimed at developing a low carbon economy for Scotland,” he added.
SHARC has closed the initial funding of £3.7 million with repayable assistance from the Scottish Government’s Low Carbon Infrastructure Transition programme (LCITP), supported by the 2014-2020 European Regional Development Fund programmes. Moreover, the scheme is also supported with commercial loans and investments from the Energy Saving Trust, Clyde Gateway and SHARC International.
“We are pleased to be supporting this innovative project in the heart of Glasgow,” said Anthony Kyriakides, Head of Renewables at Energy Saving Trust. “The project, part funded by the district heating loan fund that we manage on behalf of the Scottish Government will reduce carbon emissions, improve local air quality by utilising waste water heat recovery systems and support local jobs.”
SHARC’s technology extracts the natural warmth contained within this water and transfers the heat to the clean side of the heating system via a heat exchange mechanism. The recovered heat is then amplified via heat pumps to generate the appropriate temperatures for use in all types of buildings. SHARC provides heating and cooling to customers through a heat supply agreement.