Black Pearl Capital Partners Buys Former Sappi Paper Mill Site in UK

Jan. 4, 2012 - Black Pearl Capital Partners ("BPCP") on Dec. 29 announced that it has acquired a 118 acre infrastructure site near Blackburn, UK. The site which formerly operated as the Sappi Paper Mill is BPCP's latest UK acquisition in its strategy to develop renewable energy parks that focus on biomass power, water treatment and bio-fuels production.

The paper mill in Feniscowles, Blackburn is the third renewable energy site BPCP has obtained alongside Aeternum Capital, its co-investor and asset manager. Proposals for the site will include a renewable power generation facility as well as the potential for a residential redevelopment.

"We are excited about adding another renewable energy park to our portfolio," said Reza Irani-Kermani, CEO of Black Pearl Capital. "The site in Blackburn is our third large brownfield site in the UK, and it has the potential to provide a large number of local jobs once we've developed it for reuse."

As part of this strategy, BPCP also announced that it has started demolition work at its Castleford site in Yorkshire following a long program of decommissioning and decontamination of the existing chemical plant.

The above-the-ground demolition project has been carefully planned to avoid any disturbance of existing ground conditions. Once the demolition work is completed, a remediation exercise will take place early next year.

The group is currently working with industry experts; including URS and Newfields in association with Cambridge University, the Environment Agency and Wakefield's Containment Land Team, to develop the remediation plan.

SOURCE: Black Pearl Capital Partners