Plans for a new energy-from-waste facility near Birmingham have been boosted after developers secured a fresh round of funding.
Cracknore Investment has agreed a £3 million loan deal from Broadwood Capital which it has used to acquire a 20-acre, vacant industrial site in Hams Hall.
It plans to build a new energy-from-waste facility there for which consent has already been awarded, with construction due to start over the next 18 months.
Once operational, the plant will take domestic waste and turn it into electricity which is ultimately fed back into the National Power Grid.
Sign up for your free West Midlands newsletter and follow us on LinkedIn
Email newsletters
BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire.
Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates.
We will also send out 'Breaking News' emails for any stories which must be seen right away.
For all the latest stories, views and polls, follow our
Cracknore board director Ian Steer said: "Properties like Hams Hall are notoriously difficult to finance due to their specialist consent and the undeveloped nature of the land.
"This was a highly complex transaction and Broadwood understood the property fundamentals and risks where other lenders fell short."
Broadwood offers loans of up to £10 million to support experienced investors and developers on projects which are more complex or require a bespoke product.
Most Read
Founder Dan Smith added: "There was a specialist planning consent for an energy from waste facility and numerous complexities surrounding the site which required a detailed understanding and a tailored lending solution.
"Cracknore is best-in-class for assets such as this and we worked closely with their highly experienced team to deliver a flexible lending solution which allows them to move forward with their business plan."