Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 106

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 106
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 below the North Sea seabed. It is expected to permanently store up to an initial four million tonnes of CO2 per year. Barclays Bank PLC acted as IRS Hedge Execution bank, Mandate Lead Arranger and IRS hedge bank to NEP. We also supported Net Zero Teesside Power (NZT) in the UK, a new build, first of a kind fully integrated combined gas cycle gas turbine (CCGT) power plant with post combustion amine-based carbon capture technology. The captured CO2 will be received by the NEP project infrastructure which will compress, transport and store the captured CO2 in the Endurance geological store under the North Sea. Once operational NZT could produce up to 742MWs of flexible, low carbon power, with up to two million tonnes of CO2 per year expected to be captured at the plant. NZT is supported by the UK Government&#8217;s Dispatchable Power Agreement which enables natural gas power plants with carbon capture technology to play a mid-merit order role in the meeting electricity demand, displacing unabated thermal generation plants. Barclays Bank PLC acted as Mandated Lead Arranger and IRS hedge bank to NZT. For further details on our Sustainable Finance Framework and Transition Finance Framework see page 50. Barclays Climate Ventures (BCV) portfolio: Invest up to &pound;500m into climate tech start-ups We firmly believe that innovation is key to tackling climate change and we are committed to supporting transformative change by investing our own capital in entrepreneurial companies. In 2020 Barclays announced that it would invest up to &pound;175m equity capital in pioneering climate technology companies by 2025 &#8211; helping support our clients to transition to a low-carbon economy, scale solutions to environmental challenges, and fill their growth-stage funding gaps. In evidence of the success of this strategy, in December 2022 we announced an increase of the investment mandate to invest up to &pound;500m by the end of 2027. To date we have invested &pound;203m into more than 20 innovative companies. These investments have supported many aspects of climate tech innovation, from property retrofit solutions to long-duration energy storage and hydrogen technologies. Barclays acts as an engaged partner in a portfolio company&#8217;s growth, offering value-added support to these companies. This engagement contributes towards wider commercial and strategic opportunities for Barclays UK, Corporate Banking and Investment Banking with those companies. We continue to focus on decarbonisation technologies supporting transition within carbon-intensive sectors, particularly where