MGT Teesside has secured financing for the 299MWe Tees Renewable Energy Plant in North East England.
The £650M biomass fuelled combined heat and power project — to be located on land within the Teesport Estate near Middlesbrough — will be delivered on a turn-key engineering, procurement and construction (EPC) basis by Tecnicas Reunidas and Samsung Construction and Trading (SCT) consortium.
Biomass discharge services will be provided by PD Ports through the port of Teesport.
Ben Elsworth, CEO of MGT Teesside, said: “The Tees REP project has had to overcome many hurdles in development but we have now successfully reached the next stage despite the difficult financing environment. We can’t wait to get work started on site and make this project a huge success for the Teesside region”.
Cllr Dale Quigley, cabinet member for economic growth at Redcar & Cleveland Borough Council, said: “This is a massive investment into Redcar and Cleveland, and we really welcome this news which will bring high-quality jobs to people in our borough.”
The project will create 600 construction jobs and about 100 full time jobs once operational.
Site preparation works are set to commence shortly, with main construction works commencing a few months later. The project is scheduled to begin operations in 2020.
* Data provided by Timetric's Construction Intelligence Center.