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19 April 2024
Green Economy

Aberthaw Power Station Deal Named Acquisition of the Year for Wales

The acquisition of a former power station has been named Acquisition of the Year for Wales.

The annual Costar Impact Awards recognises exemplary commercial real estate transactions and projects in 128 major markets in the United States, Canada and the United Kingdom.

The deal which saw Aberthaw power station in the Vale of Glamorgan acquired by the Cardiff Capital Region (CCR). was agreed by Savills on behalf of RWE.

It paves the way for the transformation of the decommissioned coal-powered station into a renewable energy hub, with the potential creation of thousands of jobs.

Savills Cardiff-based development team began marketing the 500-acre site, described as one of the most strategically significant to become available in many years, in March 2021. The sale completed in March 2023.

Its acquisition was funded by CCR’s £1.2 billion City Deal. CCR, which comprises South East Wales’ 10 local authorities, has committed £30.4m to demolish the power plant and remediate and redevelop the site.

The project, which is dependent on private sector investment, aims to establish a centre of excellence for green energy production capable of driving sustainable, clean economic growth across South East Wales and beyond.

The CoStar Impact Awards, which are judged by a panel of independent industry experts, selected one winner within each of its five categories for Wales. The acquisition of Aberthaw was noted for its considerable ambition, transformative potential and alignment to Welsh Government Innovation strategy.

Scott Caldwell, head of Savills development team in Cardiff, said:

“Supporting our client, RWE, through the marketing and ultimate disposal of the former Aberthaw Power Station has been one of the most rewarding projects I have been involved with in my career, and I am thrilled for it to have been recognised by CoStar as an exemplar for Wales.

CCR’s bold acquisition of the former power station provides real transformative renewable energy opportunities at a regional and national level, showcasing CCR’s ambition to innovate in a commercially responsible, resilient and sustainable manner.”

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