Decision details

Northumberland Energy Park Phase 3 site at East Sleekburn – Delegated Arrangements for Sale (Part 1)

RESOLVED that Cabinet:

(a)  note the scale and significance of the intended investment and associated infrastructure developments and opportunities set out in the report and agree that this represents a project of national importance, as well as the significant benefits it will bring to the County and north east;

(b)  enter into a deed of release which releases unconditionally NCC's ‘buyback’ option agreement dated 9 April 2021, and as varied by a deed of variation dated 11 April 2022, made between the County Council and Power by BV Properties Limited;

(c)  enter into a new ‘buyback’ agreement with an entity owned by funds managed by affiliates of Blackstone Inc. (such entity, Blackstone), subject to the Heads of Terms and undertaking satisfactory Due Diligence, more particularly set out in part 6 of the confidential papers;

(d)  agree the establishment of up to £110m Growth and Investment Endowment Fund, as a ring-fenced fund to maximise the opportunities across the County to deliver jobs growth and investment in support of the Council’s Economic Strategy, the scope of which is set out in paragraph 6.13, and for which further details will be brought to Cabinet for consideration in due course;

(e)  to note the Council’s intention to work closely and collaboratively with Blackstone QTS and National Grid and / or the appointed Power Provider to enable the development and provide additional power provision for other potential users that NCC seeks to promote, including the possibility of a new National Grid substation on NCC land.

(f)  to support the exploration of opportunities for the identification of additional sites through a land assembly strategy, and to bring forward sites for economic development and employment growth focussed on locations well related and accessible to the Northumberland Line, and other existing strategic transport infrastructure, including the Port of Blyth.