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.
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.
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."
