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22 October 2013, 11:11
A gas-fired power generation site at Spalding is among some 40 infrastructure projects, with a total capital value of £33 billion, that have passed the first hurdle to secure Government funding guarantees, the Treasury has announced.
Around half the total value is accounted for by the £16 billion Hinkley C nuclear power plant, unveiled on Monday, but Treasury Chief Secretary Danny Alexander released a list of 15 further projects which have ``prequalified'' for guarantees.
More than half of those which have prequalified status are energy projects, including plants to generate electricity from biomass, waste, unconventional gas, wind and wood. Others include rail and rail developments and a gas storage facility in Northern Ireland.
Government agreement to act as guarantor for a proportion of the capital value of a project is intended to encourage private investment by providing investors with confidence that they will get their money back if the scheme does not pay. The UK Guarantee scheme is authorised to issue up to £40 billion of guarantees.
Mr Alexander said: ``Getting our infrastructure right means we can be globally competitive, boost growth and create jobs across the UK. What we see today is the extent to which the Government is reaching out to help the private sector build Britain's key infrastructure.
``Having passed the first hurdle, these companies know the Government is there to help if they need it. I hope today's announcement will encourage even more businesses to consider how they can take advantage of a guarantee.''
The 15 ``prequalified'' projects are: