Burmeister & Wain Scandinavian Contractor (BWSC), a Danish engineering company, has collaborated with PensionDanmark to establish a new entity BWSC to build, own and operate biomass power plants across the globe.

This joint venture will see the two companies investing £160m for the development of Brigg Renewable Energy Plant, a biomass facility situated in Lincolnshire, England.

The 40MW straw-fuelled plant has been developed by UK-based renewable company Eco2.

BWSC CEO Anders Heine Jensen noted that the alliance is aimed at building, owning and operating biomass power plants across the globe.

"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," added Jensen.

BWSC will takeover the construction of the plant, alongside providing operation and maintenance services of the plant for a period of 15 years.

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Of the total investment, PensionDanmark has provided £128m through the Copenhagen Infrastructure I fund, which is administered by Copenhagen Infrastructure Partners (CIP).

PensionDanmark CEO Torben Möger Pedersen said, "We have found a model that provides PensionDanmark an attractive return with limited risk.

"The risk is limited by the fact that the majority of PensionDanmark’s investment is in the form of loans and the bulk of earnings are regulated, with the costs fixed via long-term contracts."

The biomass facility will comprise of core boiler for firing straw from the Danish High-Tech company BWE, following which the steam created will be conducted to a turbine generator, producing electricity.

The operations at Brigg Renewable Energy Plant are expected to commence by early 2016 and the plant is estimated to cater to energy requirements of 70,000 households.