Investment firm Essar has bought the 66-acre Thornton Science Park in Cheshire through its subsidiary EET Property, as part of its plan to create one of Europe’s leading energy transition hubs.
According to market sources, the park has a value of £120m. The deal follows the creation of Essar Energy Transition, an investment platform with plans to invest $3.6bn (£2.8bn) over the next five years in various low-carbon energy transition projects, with $2.4bn marked for projects in in the West of England and $1.2bn in India.
Neighbouring EET Fuels’ Stanlow manufacturing complex, the park is a part of the Cheshire Science Corridor, linking Liverpool and Manchester.
Following the change of ownership from the University of Chester, Thornton Science Park will serve as an energy transition hub and will become UK headquarters for EET’s Fuels, Hydrogen, Hydrogen Power and Stanlow Terminals business arms.
Deepak Maheshwari, chief executive at EET Fuels, said: “The acquisition of Thornton Science Park represents the latest step in our ambition to develop Europe’s foremost integrated energy transition hub.
“Essar Energy Transition is playing its part to ensure that the UK delivers on its climate change goals, enhances energy security, and maintains a strong, secure manufacturing base for fuels.”
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Photo © Essar Energy Transition
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