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Plans for a new energy-from-waste plant near Birmingham have moved ahead after developers secured a fresh round of funding.
Cracknore Investment has secured a £3m loan agreement with Broadwood Capital, through which it has acquired 20 hectares of vacant industrial land in Hams Hall.
The plan is to build a new energy-from-waste plant there, for which approval has already been granted and construction is scheduled to begin in the next 18 months.
Once operational, the plant will take municipal waste and convert it into electricity, which will eventually be fed back into the national grid.
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Ian Steer, Chief Executive of Cracknore, said: “Properties like Hams Hall are notoriously difficult to finance because they have expert approval and the land is undeveloped.
“This was a highly complex transaction and Broadwood understood the fundamentals and risks of real estate where other lenders fell short.”
Broadwood offers loans of up to £10m to support experienced investors and developers on projects that are more complex or require a bespoke product.
Founder Dan Smith added, “There was a specific planning permit for a waste-to-energy facility and numerous complexities surrounding the site that required detailed understanding and a bespoke lending solution.
“Cracknore is best in class for assets like these and we have worked closely with their highly experienced team to provide a flexible lending solution that allows them to move forward with their business plan.”
