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International companies Abengoa and Toshiba have been selected as preferred bidders to develop the Tees Renewable Energy Plant in Middlesborough.
The £424m project is owned by MGT Teeside (a subsidiary of MGT Power) and will be located in Port of Teeside.
The plant will become the world's largest newly built power and steam biomass plant with a capacity of 299MW of electricity and steam, both for self-sufficiency and to be exported to nearby industry and users.
The project will use wood pellets and chips from sustainable forest resources in the United States and Europe.
The developers state the fuel source will comply with the UK's incentives for renewable energy.
It is understood the project will supply enough renewable energy to power approximately 600,000 households in the UK, while up to 1,100 jobs are expected to be created during the construction phase.
The Abengoa/Toshiba scheme will help reduce the UK's carbon footprint using CHP technology, with Abengoa currently working on a 215 MW plant in Belgium.
(LM)
