Gordons' advice powers deal on 28-year lease at £250m PMAC Energy Teeside Power Plant, creating 400 jobs
Tuesday 7th August 2018
Yorkshire law firm Gordons has advised Welton-based PMAC Energy on the 28-year lease of 25 acres of land at Redcar Bulk Terminal (RBT), in plans which could create 400 jobs in Teeside.
Subject to permitting and planning approvals, the site could be used for a £250m waste-to-energy plant producing enough electricity to power 56,000 homes in South Tees.
Gordons commercial property partner Sarah Ratcliffe led on the deal, following a referral to the firm from an existing client. Gordons advised on the suite of property documents to enable the East Yorkshire waste management company to secure the land.
PMAC Energy’s managing director, Rob Lewis, said: “This is an incredible opportunity to deliver a major economic boost to the South Tees area and capitalise on the great strengths and capabilities of Redcar Bulk Terminal.
“Gordons provided exceptional commercial advice which helped us secure the deal and navigate our way through a complex process.”
The PMAC Energy facility will convert household and commercial waste to create fuel for the renewable energy sector. It will also operate as a fully commercial entity, without Government subsidies or financial support.
Commenting on the PMAC Energy deal, Sarah Ratcliffe said: “PMAC Energy’s plans are a vital part of the South Tees masterplan and will support the regional economy with hundreds of new jobs.
“This was a significant deal for us in the energy and commercial property sector. It shows how our distinct approach drives outstanding results for our clients. We look forward to working further with PMAC Energy as they progress with this exciting project.”