British Airways and Solena are gaining momentum in their goal of producing sustainable jet fuel with technology partners for their GreenSky London initiative now in place and British Airways confirming its financial commitment.
GreenSky London is a flagship project that will see the construction of a state of the art facility that will annually convert approximately 500,000 tonnes of waste normally destined for landfill into 50,000 tonnes of sustainable low carbon jet fuel, 50,000 tonnes of biodiesel, bionaphtha and renewable power.
British Airways has committed to purchasing, at market competitive prices, the jet fuel produced by the plant for the next ten years which equates to US$500 million at today’s prices. Barclays has also been appointed as advisor to explore the optimal funding through Export Credit Agencies. A Competitive Letter of Interest has been obtained from one of the Agencies including associated term funding.
GreenSky London has signed an exclusive option on a site for the facility and consent work for the site has begun. More than 150 jobs will be created to operate the facility, as well as 1000 construction positions. The partners aim to have the site operational by 2015.
Keith Williams, chief executive of British Airways, said: “We are delighted that the GreenSky London project is getting ever closer to fruition. With world-class technology partners now in place, we are well on our way to making sustainable aviation fuel a reality for British Airways by 2015.”
Robert Do, President and CEO of Solena, said: “Our GreenSky London project will provide clean, sustainable fuels at market competitive prices that will help address British Airways’ sustainability goals. The British Airways off-take agreement represents the largest advanced biofuel commitment ever made by an airline and clearly demonstrates the airline’s leadership and vision in achieving its carbon emission reduction targets. We are proud to have created a consortium of world class companies with expertise in the synthetic fuels sector to support our project.”
Roy Lipski, CEO of Oxford Catalysts Group, stated “Oxford Catalysts is pleased to be playing a key role in the enabling of GreenSky London. This project looks set to become a landmark in the development of the sustainable fuels market, both in the UK and worldwide”.