UK stands to net up to £400m in investment for 10 recycling hubs
The UK could net up to £400m to build 10 new recycling facilities across the country under a partnership between private equity firm Crossroads Real Estate and Clean Planet Energy.
Luxembourg-based Crossroads is also helping Clean Planet Energy fund its flagship ‘eco plant’ which is currently under construction in Teesside, in the North East.
The duo is seeking to tackle plastic waste. Each so-called eco plant is designed to process 20,000 tonnes of plastic each year.
The plants will convert plastic waste into either sulphur fuel to replace fossil fuels in the transport and heavy-machinery sectors or petrochemical feedstocks, which can be used to make new plastic products without the need to use fossil-based feedstocks.
Lincolnshire, Gloucestershire, Lancashire and South Wales have already been pencilled as locations for other facilities. The pair said that it will confirm locations in the coming months.
“With this investment, we have the ability to make a significant environmental and social impact across the UK,” founding partner and CEO at Crossroads, David Gillerman, said.
“The negative impact of plastic waste on our environment, plus the challenges we face from excess carbon emissions, made the joint venture with Clean Planet Energy a very compelling opportunity.”