Pounds-500,000 Extra Funding Brings New Forestry Factory Nearer
Posted on: Tuesday, 9 August 2005, 06:00 CDT
PLANS to build a unique forestry processing plant have taken a major step forward after developers announced a further pounds- 500,000 had been raised towards its costs.
The planned pounds-1bn Forscot plant in Invergordon, in Rossshire, would be the UK's first integrated pulp, paper and saw mill and renewable energy generation plant.
A total of pounds-700,000 has now been raised towards the project, which will pay for research and seeking initial planning approval.
Ed Gillespie, Forscot chairman, said: "This completes the first phase of our funding and keeps us on track with our timetable. It is good to see these pieces of the plan falling into place.
"We have an expert and dedicated management team working hard on this ambitious project and, importantly, we have an active and continuing dialogue with the local community and its representatives.
"We must be sensitive to their concerns as we go through the planning process."
Part of the total so far came from a pounds-200,000 grant from Ross and Cromarty Enterprise.
The second phase of the project will require pounds-5m-pounds- 10m of equity funding to partly secure a site for the mill.
It is hoped that the plant will produce 550,000 tonnes of pulp a year using Sitka spruce, grown in Scotland and northern England.
It is also expected to produce 420,000 tonnes of publishing paper and 250,000 cubic metres of construction timber annually.
The renewable energy plant will use residue from the saw and pulp mill to power the site and export surplus electricity to the grid.
Construction of the plant, due to begin next year, will create 3000 jobs.
Once operational in 2008, Forscot will employ about 500 people as well as creating an estimated additional 5000 indirect jobs in the forestry sector and the supply of goods and services.
Source: Herald, The; Glasgow (UK)
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