Clean Planet Energy have announced a new joint venture with private equity firm Crossroads Real Estate, to fund Clean Planet Energy’s flagship ecoPlant currently under construction in Teesside, Northeast England. This will be the first of 10 new ecoPlants that Crossroads Real Estate and Clean Planet Energy are jointly seeking to build and operate across the UK.
The new joint venture could lead to over £400m of new UK investment deployed for the future construction of these facilities. Sites in Lincolnshire, Gloucestershire, Lancashire and South Wales have been identified to potentially lead the ten-site rollout, with further locations and announcements to be made in the months ahead.
A Clean Planet ecoPlant is a recycling facility intended to process non-recyclable and hard-to-recycle waste plastics. Each ecoPlant is designed to accept 20,000 tonnes of plastics each year and convert this waste into (a) ultra-low sulphur fuels to replace fossil-fuels in the transport and heavy-machinery sectors, and (b) circular petrochemical feedstocks, including Naphtha, which can be used to make new plastic products without requiring refineries to use fossil-based feedstock.