The development of the Deeside Anaerobic Digestion Plant is to go ahead without the need for public sector Growth Deal funding – after additional private sector investment was secured for the project.
Ambition North Wales – which delivers the North Wales Growth Deal, and The Circular Economy (TCE) - its partner on the Deeside project, have announced that the development will be proceeding without the need for £6.4m of Growth Deal funding. This successful outcome has been made possible thanks to their close collaboration, which enabled an investor to commit the remaining funding requirement for the plant via the Abrdn Sustainability Infrastructure Fund.
The Deeside Anaerobic Digestion Plant will use food waste from the area to generate and export green electricity and biogas for commercial use. Alongside creating high value employment, it will reduce CO2 emissions and deliver a much-needed low carbon energy source for local industry – including helping the local Toyota Manufacturing Facility to meet decarbonisation targets. The processed digestate will then be used to produce fertiliser for local farms and CO2 will be captured and reused by industry, the new site will be carbon negative.
Mac Andrade, Chief Executive Officer, The Circular Economy Developments Ltd, said:
“We are excited to solidify our commitment to Deeside as the location for TCE’s headquarters. This decision reinforces our dedication to supporting local growth, creating sustainable job opportunities, and contributing positively to the region’s economic landscape.
“Our collaboration with Ambition North Wales has been instrumental in advancing the project’s objectives. By working closely together, we have strengthened our shared commitment to sustainable development in Deeside, fostering meaningful connections that will drive local growth and support a greener economy.”
Alwen Williams, Portfolio Director, Ambition North Wales, said:
“We have been working closely with TCE over the last year to progress plans for the delivery of the Deeside Anaerobic Digestion Plant. We are delighted that the success of this collaborative groundwork is now being reflected in securing this additional private sector funding. The fact that this means the project will no longer requires our Growth Deal funding is positive news, as consequently we can now direct our investment elsewhere in the region to support economic development and growth.
“Our partnership to date with TCE has really demonstrated how public sector involvement can de-risk projects, making them more attractive to private investment. We hope this serves as a model for how future projects can be structured to achieve the best economic and social outcomes. Though no longer part of the Growth Deal, we will continue to engage and support TCE where appropriate. We look forward to seeing the project deliver for North Wales.”
The North Wales Economic Ambition Board formally accepted the withdrawal of the project from the Growth Deal at their meeting on 8th November.