The Danish bioenergy company BioCirc has secured a 9-year loan of DKK 205 million from the Nordic Investment Bank (NIB) to build infrastructure for the capture, cooling and transport of liquid CO2 at its biogas plants. This is reported by BioCirc Group.
The loan of EUR 27.5 million (DKK 205 million) is supported by the EU's InvestEU programme and is provided under NIB's InvestEU Framework Operation on Clean Energy Transition. It will enable the capture of CO2 from biogas production and transport it to Project Greensand, where it will be stored under the seabed in the North Sea. This avoids emissions into the atmosphere.
- We are excited that NIB has chosen to finance our project for the capture and storage of CO2, which is well on its way to removing CO2 from the atmosphere from 2026. At BioCirc, we build and operate circular bioenergy plants that produce different types of green energy and create activity in rural areas. It is a capital-intensive business model, and therefore the collaboration with professional financial partners like NIB, who share our green purpose, is crucial, says Bertel Maigaard, Group CEO of BioCirc.
The project is the first in Denmark to receive InvestEU financing via NIB, and is expected to be able to remove at least 130,000 tonnes of CO2 per year.
- This is NIB's first loan for project financing of technology for CO? capture and storage. The project aims to permanently remove carbon dioxide from the atmosphere in line with NIB’s mission. It is also our first InvestEU loan in Denmark and contributes to the country’s progress towards CO2 neutrality,” says André Küüsvek, President and CEO of NIB.
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