A power project half-owned by steel tycoon Sanjeev Gupta is hunting for Chinese backers to turn its renewable energy plan into reality. AIM-listed Simec Atlantis Energy - 49.9% owned by Gupta’s family-owned group Simec - has approached Chinese industrial giants about them becoming engineering, procurement and construction (EPC) contractors on its conversion of a Welsh power station.
Atlantis wants to switch the dormant Uskmouth coal-fired plant to burning plastic and waste pellets to gain biomass subsidies. Sources said that Chinese contractors could also provide funding for the project, and help secure export credits from the Beijing government.
The company said: “Simec Atlantis has approached several large Chinese EPC contractors to participate in a global tender process. It has not approached any investors in China.”
Gupta, whose GFG Alliance empire stretches from Britain to Australia, is locked in talks with the government to secure support for his struggling steel business.
