Friday, 1st May, 2020
Cory announces partner to develop one of the UK’s largest heat networks
Cory Riverside Energy (Cory) has today announced that it will partner with specialist district heating and low carbon energy company Vattenfall with the aim of developing one of the largest heat networks in the UK.
The two companies are aiming to deliver affordable, low carbon heat to communities in South East London. Advisors Inventa Partners have also been appointed to work on the project, bringing their experience of developing similar schemes across the UK.
CHP (Combined Heat and Power) will play a key part of Cory’s future development plans. The existing Riverside Resource Recovery Energy from Waste facility at Belvedere, East London, will provide heat to the proposed district heating network and has the potential to heat up to 10,500 homes in Bexley.
Cory’s development plans for a Riverside Energy Park on the site, which has recently been granted planning permission by the Secretary of State for Business, Energy and Industrial Strategy, will also be capable of supplying a further 10,500 local homes and businesses with sustainable heat, together having the potential to make the heat network one of the largest in the UK.
Initially, Vattenfall will work with Cory on an application for Heat Network Investment Partnership funding from the Government. They will also design the heat network, and lead on construction of the heat network infrastructure, as well as its long-term operation and delivery of services to customers.
Vattenfall is the largest operator of district heating networks in western Europe and provides heat network services to 1.7 million households across the EU. Inventa Partners have experience of working with developments such as Battersea Power Station, Ikea and Westfields on secondary asset opportunities.
Commenting on the appointment, Andy Pike, Director of Strategic Infrastructure Development at Cory Riverside Energy, said:
We are pleased to be working with Vattenfall and Inventa Partners on our heat network. Their skills and expertise will help us provide local homes and business with a clean, renewable and reliable source of heat.
Mike Reynolds, Managing Director, Vattenfall Heat UK, said:
This bold partnership with Cory Riverside and Inventa Partners is exactly the working relationship we were seeking when we entered the market, and we are delighted to be appointed. When delivered, this district heating network will deliver low carbon and affordable heat to thousands of customers in East London and will also play a critical role in enabling the development of new sustainable housing in Bexley and surrounding boroughs in East London.