Just one day after the Welsh Government dealt the Circuit of Wales a huge blow by electing not to underwrite the £357m investment needed to secure the project’s future, boss Michael Carrick has said he expects other arrangements to come to fruition within two months.
Yesterday Economy minister Edwina Hart said the Welsh Government were being asked to underwrite Aviva Investors’ entire £357.2 million investment in the scheme, which she said would carry an “unacceptable risk”.
The imminent closure of the Port Talbot steelworks effectively put paid to any public funds going into the Circuit of Wales, and the industrial and commercial plans that are around it. But Carrick believes the project will still go ahead.
“The Circuit of Wales is committed to the regeneration of Blaenau Gwent through the building of a leading automotive and leisure destination in South Wales. We are developing financing arrangements with Aviva Investors and Public Sector Wales and have put forward two alternative options with revised commercial terms,” said Carrick.
“These alternative arrangements will reflect a more balanced financial support package for both the public and private investment parties. We are working closely with all parties involved, including the local community and councils to conclude the deal over the next 6-8 weeks.”