The plant has the capacity to process up to 100,000 tons of waste oils into a range of bio-diesel products, burning of which is expected to considerably reduce carbon dioxide emissions (CO2), a greenhouse gas that contributes to global warming.
BPCP, which intends to develop a larger range of renewable energy activities at the bio-diesel refining site, is working with its co-investor and asset manager, Aeternum Capital, to investigate other opportunities to increase the investment at the site.
Black Pearl Capital CEO Reza Kermani said that this purchase comes on the heels of another renewable energy site Black Pearl acquired in Castleford, Yorkshire.
"It allows us to continue an investment strategy in waste processing, waste-to-energy and renewable energy sectors. We expect the site to be operational by mid-2011 thereby creating new employment opportunities in the region," Kermani said.
