A Welsh biotechnology business that generates renewable electricity is set to increase the amount of energy it produces, after receiving a £200,000 funding package from Lloyds Bank Commercial Banking.

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GP Biotec, based near Talgarth in Powys, uses industrial food waste and arable crops grown at its 600-acre farm to produce renewable energy through anaerobic digestion.

The family run firm will used the six-figure sum to invest in state-of-the-art equipment, which includes two digester tanks. The development will complete the plans for the site that were outlined during the planning process in 2010, as well as doubling the company’s energy capacity.

As a result of the site’s completion, the business is expected to grow its turnover by 70 per cent, as well as creating five new jobs for people in the local community.

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Lloyds Bank Commercial Banking provided the funding through its Clean Growth Finance Initiative, a £2 billion scheme that offers discounted finance to firms investing in lower-carbon projects.

GP Biotec was founded in 2013, by Paul, Gary, Charles and Janet Jones. The business is based at Great Porthamel Farm, which has been in the Jones family for more than 50 years. Renewable electricity generated by the plant is sold to a third-party supplier and is used to power approximately 520 homes across Wales.

Paul Jones said: “Consumer demand for cleaner energy sources has grown in recent years, with more people opting for green energy tariffs as they look to do their bit for the planet.

“The completed production facilities, which will be fully operational by July, will allow us to meet this upturn in demand, powering 325 more homes across the community whilst simultaneously diverting additional food waste from going into landfill.

“When arranging the finance, the team at Lloyds Bank took the time to understand our business and aims, and immediately recognised the benefits of investing in the new equipment. As a result, they were able to provide a funding package that is exactly suited to our needs.”

Arthur Thomas, agriculture relationship director at Lloyds Bank Commercial Banking, said: “GP Biotec is a fantastic example of an innovative, eco-friendly business that is helping people to become more sustainable.

“We’re aiming to be by the side of businesses as they look to achieve their growth ambitions. That’s why we’ve pledged to lend £18 billion to UK business, with up to £1.1 billion earmarked for Welsh companies that are looking capitalise on new opportunities.”