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 

Name
Email
  Ctrl + Enter

Most Read

Suttons Tankers wins Yorkshire Water £60m AMP7/8 contract

Suttons Tankers wins Yorkshire Water £60m AMP7/8 contract

The bioresources sludge removal and transport services deal will cover the transportation for all internal liquid sludge and raw sludge cake from sewage works to sludge treatment centres. Over the course of the contract a 15% carbon savings has been forecast, which forms part of Yorkshire

Thames Water invests £55.7m to upgrade Guildford network

Thames Water invests £55.7m to upgrade Guildford network

The announcement comes during the ongoing £1.8m upgrade of Netley Mill water treatment works, which supplies 8,500 properties in Cranleigh and the surrounding villages via Hurtwood, Alderbrook and Lambswood reservoirs. The work will increase the resilience of the site and reduced the risk of

Govt & Ofwat call on water companies to accelerate AMP7/8 plans

Govt & Ofwat call on water companies to accelerate AMP7/8 plans

In an joint letter to UK water companies, the Government, the Environment Agency, the Drinking Water Inspectorate, Ofwat and CCW have called on them to accelerate their existing AMP7 plans – and consider bringing future investment from 2025 and beyond forward.The letter says they can play

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.