PensionDanmark has set up a joint venture with Burmeister & Wain Scandinavian Contractor A/S (BWSC) to build, own and operate power plants across the globe.

Its first investment will be the Brigg Renewable Energy Plant in Lincolnshire which will be primarily fuelled using local straw.

The plant is expected to produce enough energy to cover the total consumption of 70,000 households.

BWSC’s share of the investment in the new power plant is £32m and they will be in charge of building, operating and maintaining the plant, which is expected to be operational from early 2016.

Anders Heine Jensen, CEO, BWSC said: “This is a breakthrough for Danish energy technology exports. The financial crisis has challenged the success of Danish businesses exporting sustainable energy plants. Now, BWSC and PensionDanmark are forming a joint venture with the aim of building, owning and operating select biomass power plants internationally.

“This adds more strings to our bow. 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.

“This boosts our competitiveness considerably and establishes Danish energy technology on the world map,”

The Brigg Renewable Energy Plant has been developed by British renewable energy company Eco2 and is expected to be operational in early 2016.