China invests £5.2bn in UK projects

0

Chinese investment group SinoFortone plans to invest more than £5bn in the UK.

It will invest £2bn in Orthios Eco Parks to develop waste power and food stations, initially at Holyhead and Port Talbot in Wales.

The company also said it would invest £3.2bn in developing an amusement park in Ebbsfleet, Kent.

The deals coincide with Chinese President Xi Jinping’s visit to Britain that starts on Monday.

Development of the amusement park should begin in 2017 and should be completed by 2020, SinoFortone said.

King prawns

The two power plants in Wales will be developed over the next three years, after which the technology will be rolled out to China and developing countries.

The modular plants take waste heat from power stations that will be used to warm water for king prawn farming. The UK currently imports king prawns.

Other types of seafood, such as Dover Sole, will follow while the process can also be used to help grow vegetables.

The system is also designed to capture carbon dioxide emissions.

The 299 megawatt Holyhead plant in Anglesey will employ at least 500 people, as will the 349 megawatt Port Talbot plant in south Wales, Orthios chief Sean McCormick told the BBC.

Thousands more people will be employed building the plants, he said.

In exchange for the investment, Orthios will source between 50% and 60% of the materials and components needed to build the plants from China.

“We have spent five years researching and developing this model and the investment from China will help us role it out across the planet,” said Mr McCormick.

“China’s focus on green energy and its ability to take a long-term view [was instrumental in securing the deal].”

SinoFortone Group is a private company that has received support from the Chinese state for this investment.

This summer it announced a £250m provisional agreement with The London Group to invest in tourist infrastructure in the UK.

“We were impressed with the Orthios professional team and how much research and development they have invested in their unique Combined Food and Power solution,” said Dr Peter Zhang, SinoFortone chief executive.

“Orthios have developed a modular, efficient and scalable deliverable solution for food and power production.

“With us and the Chinese state as their backers, we are confident we can maximize efficiencies and provide a production facility to deliver this solution around the world.”

Share.

About Author

Leave A Reply