An energy efficiency investment fund supported by the UK’s Green Investment Bank (GIB) has provided funding for a heat recovery project in England’s northeast region.

UK Energy Efficiency Investments (UKEE1), in which the GIB is a major investor, has committed £7 million ($9 million) for the project.

New steam-raising boilers, compressor technology and other heat-recovery measures will be installed at a chemical plant (pictured) in Wilton, Redcar, the GIB said in a statement.

When completed, the installation is planned to allow global chemical manufacturing firm Huntsman to generate 100% of its process steam needs on-site, as well as reducing the facility’s greenhouse gas emissions by up to 28,000 tonnes per year.

Engie has been appointed engineering, procurement and construction (EPC) contractor, as well as being awarded the operations and maintenance contract for the project.

The new system is expected to come online in summer 2017.

Edward Northam, head of investment banking at the GIB, said: ‘Many manufacturers continue to rely on low-efficiency boilers to service their energy needs. By investing in new technology, the country’s energy intensive industries can reduce energy wastage. Huntsman is an example to its peers; it has recognised that it can cut costs and help mitigate climate change by making its processes more energy efficient.’