The amount will be utilized for the installation of 179 biomass boilers across 21 farms in Norfolk, Suffolk and Lincolnshire that are owned by Bernard Matthews.
Equitix, managed by Energy Saving Investments fund, supported by the GIB, is providing £12m (€14.4m) and the rest of amount is being invested from the Equitix Energy Efficiency Fund.
According to GIB, the project will produce 51 jobs in the local area, including nine full time permanent positions.
Lumicity had conceived, designed, and managed the project. The new boilers will have a substantial green impact by reducing greenhouse gas emissions.
GIB chief executive Shaun Kingsbury said, "Bernard Matthews has placed sustainability at the heart of its business and we are pleased to be able to support them in their ambition to generate 100% of their energy sustainably."
Bernard Matthews executive chairman David Joll said, "Sustainability is central to our long term business strategy.
"We’re already generating a large proportion of our energy needs from other renewable sources including solar and wind and with the addition of biomass boilers on our farms, we’re well placed to be generating 100 per cent of our energy sustainably by 2016."
