Clean Planet Energy partners with Crossroads Real Estate

Clean Planet Energy today announced a new joint venture with private equity firm Crossroads Real Estate to fund Clean Planet Energy’s flagship ecoPlant currently under construction in Teesside, North East England. This will be the first of 10 new ecoPlants that Crossroads Real Estate and Clean Planet Energy are jointly seeking to build and operate across the UK.

The new joint venture could see over £400m of new UK investment deployed for the future construction of these facilities to tackle the plastic waste crisis. Potential sites have already been identified in Lincolnshire, Gloucestershire, Lancashire and South Wales , with further locations and announcements to be made in the months ahead.

Clean Planet Energy’s ecoPlant is a green, advanced recycling facility intended to process non-recyclable and hard-to-recycle waste plastics that would otherwise be sent to landfill.

Each ecoPlant is designed to accept 20,000 tonnes of plastics each year and to convert this waste into (a) ultra-low sulphur fuels to replace fossil fuels in the transport and heavy-machinery sectors, and (b) petrochemical feedstocks, including naphtha, which can be used to make new plastic products without the need to use fossil-based feedstocks.

Clean Planet Energy’s ultra-low-sulphur diesel can reduce greenhouse gas (GHG) emissions by 75 per cent compared to the use of traditional diesel, while the joint venture could also lead to over 200,000 tonnes of hard-to-recycle waste plastics being repurposed for use in the circular supply chain each year.

David Gillerman, founding partner and CEO of Crossroads Real Estate said, “At Crossroads, we are committed to green opportunities and impact investing as demonstrated already through our sustainable hotels strategy. We look forward to partnering with Clean Planet Energy to roll out ecoPlants across the UK, including the flagship ecoPlant already under construction in Teesside.

“The negative impact of plastic waste on our environment, plus the challenges we face from excess carbon emissions, made the joint venture with Clean Planet Energy a very compelling opportunity. With this investment, we have the ability to make a significant environmental and social impact across the UK.”

Bertie Stephens, Group CEO of Clean Planet Energy, commenting on the extension of their vision that this joint venture enables, said, “Clean Planet Energy’s mission is to remove over 1 million tonnes of non-recyclable plastic waste from our environment, every year. This exciting partnership gives us the capacity to make a significant dent in this target.”

Earlier this year, Clean Planet Energy announced a 10-year agreement with global energy company bp plc to offtake its circular products from its ecoPlants into the market.

Each new ecoPlant will be able to process hard-to-recycle plastics in the UK; at their peak, the facilities should create over 750 direct new jobs, and potentially thousands of indirect jobs when the ecoPlants move from development into the construction and operation phases.

By Mark Adair – Correspondent, Bdaily

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