A NORTH-East based company is developing a £14million gas fired processing power plant in Wales.
Platinum Energy Solutions Limited – part of the Platinum Assets Group – headquarted at Chester-le-Street continues to work on the site at Southbrook Farm, South Monmouthshire, during lockdown as it is deemed an essential asset by the Welsh Assembly.
Bosses say work is being done in line with all the Construction Leadership Council safety guidelines and the December completion target remains in place.
Bridging the gap between fossil fuel and renewable sources, the power station will comprise ten combined cycle gas generator sets, providing up to 20 megawatts (MW) of electricity to the area during times of peak demand when wind, wave and solar options cannot meet demand.
Chairman of Platinum Assets, Tony Hughes, said interest in the project has peaked since the Covid-19 lockdown began, as investors seek a stable and reliable energy option.
He said: “The biggest problem facing most businesses right now is uncertainty.
“None of us know how the world and that of business will look a year from now.
“However, whilst the property and financial markets remain volatile, we have a far more stable investment opportunity in something we all need – energy.
“And as well as generating power for the community it could produce returns of up to 18 per cent for investors.
“As one of only three plants consented and under construction in Wales, we are hopeful that we are leading the race in harnessing the technology and natural resources available to help with the transition from large scale coal and gas-burning power plants to renewable technologies.”
Peter Eagle, managing director with Platinum Energy Solutions Limited, said: “We have full political backing with a 30 year operating agreement and a long term buyer for the electricity is signed up.
“Cummins has been appointed to manufacture the turbines and again, this has been designated as essential work.
“The specialist manufacturer is ensuring all staff have received appropriate training, equipment and guidance on social distancing policies but much of the production is robotic.
“The site boundary is now established and contractors lined up for the initial works.”
Platinum Energy Solutions is in advanced negotiations on two new similar projects, on at Pencoed, Wales, and another in Immingham, Hull.
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