The businessman behind a controversial plan to resurrect the disused Redbank Power Station near Singleton as a biomass generator says investors have stumped up $80million to help bankroll his company's vision.
Verdant Earth Technologies chief executive Richard Poole told the Newcastle Herald several "high net worth Australian families" had recently invested in the company's biomass strategy.
"I've got my funding in place and we are ready to go. I'm just waiting on approvals and we are working towards that. We could literally be generating within six to eight months if I could get the approvals," Mr Poole, who spoke to the Herald from the US where he is visiting several biomass plants.
The company is seeking to use forestry waste material to fuel the generator, which shut its doors in 2014 after the collapse of owner Babcock and Brown.
Biomass technology is fiercely opposed by environment groups who argue it will destroy millions of tonnes of native forest.
The company will be required to prepare a new development application and environmental impact assessment.
Mr Poole told the Herald the company had recently had meaningful discussions with planning authorities.
"We've been talking to the (Singleton) council and the planning department to see what the best way forward is. I don't want to go into a lot of detail but I think it's moving along well. Whether it takes six months or 18 months I couldn't say."
A corruption finding against Mr Poole was overturned in 2015 following a High Court appeal.
Mr Poole said Verdant had plans to establish more biomass generators in Australia in the near future.
"I think the idea of modern bioenergy and the idea that we can eventually grow our own (biomass) is a phenomenal solution and putting green hydrogen behind 24 generators is a significant uptick in terms of what we're planning," he said.
"I really like what we are trying to do and I hope we can do more of it."
NSW Nature Conservation Council policy and advocacy director Brad Smith said he was surprised the venture had attracted investor interest given its significant risks.
"Wind, solar and storage are now becoming so cheap it is impossible to imagine Redbank ever being able to supply electricity at a competitive rate, even if you ignore the climate and biodiversity impacts of the plan," he said.
"This project is a waste of money and time and a danger to native forests and the climate. It should be rejected by the government."
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