Interest in an innovative energy project has peaked since the COVID-19 lockdown began, as investors seek a stable and reliable option.
North East based Platinum Energy Solutions Limited – part of the Platinum Assets Group – is developing a gas fired peak processing power plant at Southbrook Farm, Sudbrook, South Monmouthshire in Wales.
As the project is deemed an essential asset by the Welsh Assembly, work – in line with all the Comstruction Leadership Council safety guidelines – has continued through the lockdown and the December completion target remains in place.
Bridging the gap between fossil fuel and renewable sources, the £14m station will comprise 10 combined cycle gas generator sets, providing up to 20 megawatts (MW) of electricity to the local area during times of peak demand when wind, wave and solar options are unanble to meet the need.
Chairman of Platinum Assets, Tony Hughes, said: “The biggest problem facing most businesses right now is uncertainty. None of us know how the world and that of business will look a year from now. However, whilst the property and financial markets remain volatile, we have a far more stable investment opportunity in something we all need – energy. And as well as generating power for the community it could produce returns of up to 18% for investors.”
“As one of only three plants consented and under construction in Wales, we are hopeful that we are leading the race in harnessing the technology and natural resources available to help with the transition from large scale coal and gas-burning power plants to renewable technologies.”
Peter Eagle, Managing Director with Platinum Energy Solutions Limited, added: “We have full political backing with a 30 year operating agreement and a long term buyer for the electricity is signed up. Cummins has been appointed to manufacture the turbines and again, this has been designated as essential work. The specialist manufacturer is ensuring all staff have received appropriate training, equipment and guidance on social distancing policies but much of the production is robotic. The site boundary is now established and contractors lined up for the initial works.”
In addition to the plant at Sudbrook, Platinum Energy Solutions is in advanced negotiations on two new similar projects, one just 20 miles away at Pencoed and another in Immingham, Hull – which combined will generate around 120MW of energy.
Platinum Assets is a privately-owned business with its main base in Chester-le-Street, County Durham. It operates in a variety of developmental sectors, focusing on renewable energy projects, private residential rental and traditional housing development, across the UK.