Author: Oli Rushby Posted: 17 Nov 2015
Work on the Circuit of Wales looks set to begin as the project has overcome its final planning hurdle.
The £319 million project has faced numerous delays since it was announced last year with a public inquiry launched to assess whether the common land upon which the circuit is to be built could be deregistered.
After initial approval was granted in August, the Welsh Government has now approved the full deregistration of the 830 acre site meaning building work can finally get underway, over a year later than originally planned.
The group behind the project, the Heads of the Valleys Development Company (HOTVDC), has already appointed a leading Spanish construction firm (FCC) to complete the project, which as Bike Social understands could begin later this year or very early 2016.
HOTVDC has said that the 'required financing package' is in place to support the project for the 'full amount' with backers currently in the process of due diligence. Once this has been completed, the backers will be announced and the full construction timetable will be revealed.
"We would like to thank local councils, Welsh Assembly Members and the local community who have supported the project throughout the planning process up to this point," said HOTVDC CEO, Michael Carrick. "The Circuit of Wales has the ability to generate thousands of employment opportunities, attract greater long-term investment and deliver regeneration into Blaenau Gwent and South Wales."
HOTVDC has also appointed a CEO for the Circuit, Martin Whitaker, who was instrumental in taking Formula 1 to the Bahrain International Circuit in 2004.
Despite building work not having started, the Circuit of Wales has already secured a ten-year deal to host MotoGP in the UK.