New partnership could be worth £400m to plastic recycling industry
The UK recycling industry has been given a boost, after it was announced that Clean Planet Energy has partnered with private equity firm Crossroads Real Estate with an aim to build 10 ecoPlants around the country.
They have already announced that the equity firm will be funding the flagship ecoPlant in Teeside, with further plans to build more ecoPlants across the country at an investment cost of over £400m.
David Gillerman, Founding Partner and CEO of Crossroads Real Estate, discussed the partnership and what it could mean for both parties.
He said, “At Crossroads, we are committed to green opportunities and impact investing as demonstrated already through our sustainable hotels strategy. We look forward to partnering with Clean Planet Energy to roll out ecoPlants across the UK, including the flagship ecoPlant already under construction in Teesside”.
Each ecoPlant is designed to accept 20,000 tonnes of plastics each year, that could otherwise end up in a landfill. The plastic is then processed and recycled into low-sulphur fuel, and petrochemical feedstocks.
Mr Gillerman went onto mention the positive affects these ecoPlants can have.
He added: “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. With this investment, we have the ability to make a significant environmental and social impact across the UK.”
Plans for the other sites are progressing, with Lincolnshire, Gloucestershire, Lancashire and South Wales viewed as possible locations.
