Burmeister & Wain Scandinavian Contractor A/S (BWSC) and PensionDanmark have formed a joint venture, BWSC PLC, which will build, own and operate power plants internationally.

The company's initial investment of £160m will go to a new biomass power plant, Brigg Renewable Energy Plant, which is to be built in Lincolnshire, in the east of England.

The new power plant will have a capacity of 40 MW and will be primarily fuelled using locally sourced straw. The plant is expected to produce enough energy to cover the total consumption of 70,000 households and will result in an annual CO2 emissions reduction of approximately 300,000 tonnes.

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BWSC's share of the investment in the new power plant is £32m and they will be in charge of building, operating and maintaining the plant, which is expected to be operational from early 2016.

Anders Heine Jensen, CEO, BWSC, said: "This is a breakthrough for Danish energy technology exports. The financial crisis has challenged the success of Danish businesses exporting sustainable energy plants. Now, BWSC and PensionDanmark are forming a joint venture with the aim of building, owning and operating selected biomass power plants internationally. This adds more strings to our bow. With this model, not only will we be market leaders in power plant technology, but we will also own, operate and finance new plants in collaboration with PensionDanmark. This boosts our competitiveness considerably and establishes Danish energy technology on the world map."

(CD/JP)