Content

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.