Deal sparks development of £8m energy plant
Construction of an £8 million energy plant in North Yorkshire could soon get underway following completion of a deal for a development site at a former coal mine, it has been announced.
Precision Diesel Enterprises Ltd has signed a 25-year lease of Plot 5 at Gascoigne Wood Business Park, Selby, where it plans to construct a short term operating reserve electricity generation plant.
EGL’s Commercial Property team acted on behalf of Precision Diesel Enterprises, who announced that the firm has completed the lease and work is expected to commence on site shortly. The site is owned by Harworth Estates Investments Limited.
Associate Beth Margetson, property lawyer at Birmingham-based EGL, said: “We are pleased that this project is moving forwards at a time when investment in Gascoigne Wood Business Park is creating a vibrant business area. We are delighted that now the lease has been secured construction can commence shortly.”
The four-engine plant will provide electricity into the National Grid at times when demand for power is at its highest. It is expected to be operational by the end of October.
Peter Todd, director at Precision Diesel Enterprises Ltd, said: “Securing a satisfactory lease on the land was an important milestone for this project and places us on course to meet our planned generation date. Our aim is to provide generation support to the national grid system at times of peak demand and when input from new renewable sources such as wind and solar are less effective.
In any development project it is important to be able to rely on professional expertise for specific elements and EGL have provided valuable guidance and support in securing the tenure required on the land.”