Treasury backing for major projects

Treasury backing for major projects

Government guarantees have been approved for the construction of 40 projects worth a total of £33Bn under the UK Guarantee scheme, the Chief Secretary to the Treasury Danny Alexander has announced.

 

Transport Secretary Patrick McLoughlin is in China this week to sign a memorandum of understanding on transport infrastructure with the Chinese government, which should pave the way to other projects being funded by Chinese organisations and possibly qualifying for guarantees under the scheme.

 

About 50% of the projects – only 15 of which have been identified so far – are energy related, including the £16Bn Hinkley Point C nuclear power station, a £300M biomass plant being built by Helius Energy in Avonmouth, a £400M gas storage facility in Northern Ireland being built by Islandmagee.

 

Other projects named include two gas fired power plants for Intergen at Spalding, Lincolnshire, and Gateway Energy centre, Essex. The list also has a 3,000 housing development in Aberdeen, the Neart Na Gaoithe windfarm in the Forth estuary and the Able Marine Energy Park, Humberside.

 

Road and rail also features in the list of projects being guaranteed under the scheme, with the £1Bn London Underground Northern Line extension to Battersea already having prequalified, along with the Mersey Gateway Bridge.

 

The UK Guarantee scheme is a £40Bn fund that underwrites private funders’ risk if the projects fail to earn anticipated returns. The government sees it as a key part of its strategy to get £200Bn of infrastructure projects under way.

Please rate

Comments 

Ctrl + Enter

Most Read

How Blockchain Technology is changing the Energy Sector

How Blockchain Technology is changing the Energy Sector

The disruptive potential of blockchain technology is becoming more evident with every passing day. From the proliferation of cryptocurrencies, and its increasing applications in other areas including banking, gaming, music licensing, as well as the energy sector, blockchain technology is

How to deal with interview rejection

How to deal with interview rejection

Sorry we think you’re not the ideal fit for this position or sorry to inform you, but you are not exactly the candidate we were hoping for – these are some of the replies you may get from an unsuccessful interview, and while it can sting for a day or two, you should not dwell on it any

Mirroring England’s Young World Cup Team in Engineering

Mirroring England’s Young World Cup Team in Engineering

Alas, the cup didn’t come home. However, it's wasn't all doom and gloom as 4th placed England at the just concluded FIFA World Cup in Russia, were not initially expected to perform wonders. However, in the course of the tournament, the belief grew, and hopes were raised. Gareth

This website uses cookies to enhance your user experience. By continuing to use this site, you consent to our use of these cookies. See our Cookie Policy.