Peel Environmental completes sale of South Clyde Energy Centre site

Fortum Glasgow, a joint venture between Fortum Oyj and Verus Energy, has purchased the South Clyde Energy Centre from Peel Environmental for an undisclosed sum. The site, which has planning permission for an energy recovery centre that could treat up to 350,000 tonnes of waste a year. is located on Bogmoor Road near the Hillington Industrial Estate and next to the M8.

Originally granted consent in 2012 by Glasgow City Council, the energy centre will divert waste from landfill and use it to generate electricity and heat. Peel Environmental, part of Peel L&P, has been working closely with Fortum Glasgow to bring forward the energy centre with plans for work to start on site early in 2020. The construction will support around 350 jobs.

Richard Barker, Development Manager at Peel Environmental, said:

“Peel Land and Property Group is committed to delivering significant investment across its portfolio in the Clyde Estuary Gateway and has several key projects including the Glasgow Harbour Lifestyle Outlet in the pipeline.

“The Peel Environmental team is proud to have played its part by delivering the South Clyde Energy Centre to this important milestone, securing this investment from such an experienced operator, and bringing new inward investment to Scotland.”

“Fortum and Verus Energy are leading sustainable energy companies with a strong track record across Europe and we’re delighted to see the project come forward.

A recently completed study of the economic impact of the Peel Group’s portfolio in the Clyde Estuary Gateway, covering an area stretching from Ardrossan to Glasgow, has shown that overall investment across key developments and operational assets has the potential to reach £2.2 billion in the coming decade, resulting in the creation of almost 5,900 permanent jobs and £285 million gross value added (GVA) per annum.

Jyrki Kovanen, Project Manager, Fortum City Solutions said: “We are glad we have been able to purchase the site, which enables us to take further steps in preparations for the development of our project. Peel Environmental has been a good partner to work with and we may be able to identify areas to cooperate again in the future.”

To find out more about the South Clyde Energy Centre and other Peel Environmental projects visit www.peelenvironmental.co.uk

Notes to editors

About Peel Environmental

Peel Environmental (part of Peel Land and Property Group) owns and develops waste infrastructure projects. It has achieved consent for a range of energy infrastructure schemes including a 35MW Energy from Waste plant at Protos in Cheshire, 28.4 Energy from Waste plant in North Yorkshire; and a 20MW Energy Centre at Houghton Main, Barnsley. Peel works with investors, waste management companies, technology providers and contractors to secure a deliverable business model for each project.

About Peel L&P – realising possibility.

We are an ambitious regeneration business with generations of history, heritage and expertise in our DNA. First established in 1971, Peel L&P is now responsible for some of the most transformational development projects in the UK today.

Owning and managing 12 million sq ft of property and 20,000 acres of land and water, our holdings are concentrated in the north west of England but we also own and manage significant assets throughout the UK with a total portfolio value of £2.6 billion.

As a part of the Peel Group; we are integral to a business that strives to make a positive impact on people’s lives.

Our legacy matters. We take great pride in the outcomes we achieve, the people we work with, the way we go about our business and the transformational projects we deliver.

Our specialist teams have a proven track record in delivering high-quality, legacy projects across land, property, water and airspace. This includes airports, hotels, waterways, media hubs, event spaces, leisure facilities, retail, workspaces, residential development, industrial & logistical space, public realm, historic gardens and the renewable energy sector.

Peel L&P is an agile and ambitious business with a legacy of success for a long-term, sustainable future.

We see possibility. We deliver transformation.

www.peellandp.co.uk

About Fortum

Fortum is a leading clean-energy company that provides its customers with electricity, heating and cooling as well as smart solutions to improve resource efficiency. We want to engage our customers and society to join the change for a cleaner world. We employ some 8,000 professionals in the Nordic and Baltic countries, Russia, Poland and India. In 2018, our sales were EUR 5.2 billion and 57% of our electricity generation was CO2 free. Fortum's share is listed on Nasdaq Helsinki. www.fortum.com

About Verus Energy Ltd

Verus Energy’s mission is to help the UK solve its waste and energy challenges by developing clean and efficient Energy from Waste facilities using commercially proven technology.  The company is developing four projects in various parts of the UK amounting to more than 1,000,000 tonnes of waste disposal capacity and more than 100 MWs of dispatchable electricity generation capacity. 

About Fortum

Fortum is a leading clean-energy company that provides its customers with electricity, heating and cooling as well as smart solutions to improve resource efficiency. We want to engage our customers and society to join the change for a cleaner world. We employ some 8,000 professionals in the Nordic and Baltic countries, Russia, Poland and India. In 2018, our sales were EUR 5.2 billion and 57% of our electricity generation was CO2 free. Fortum's share is listed on Nasdaq Helsinki. www.fortum.com

For further information, contact:

Rebecca Eatwell

Newgate Communications

rebecca.eatwell@newgatecomms.com

+44 (0) 161 237 3705

Chris Midgley

Newgate Communications

chris.midgley@newgatecomms.com

+44 (0) 161 237 3705

 

LatestJanet McGinty