Land previously earmarked for a giant battery plant has been bought by a firm hoping to build AI data centres.
American investment company Blackstone completed the purchase of the former Britishvolt site in Cambois, Northumberland, on Wednesday.
Northumberland County Council has negotiated a buy-back arrangement in the event the project is not built.
Council leader Glen Sanderson said the deal was “tremendous news”.
Blackstone, alongside its data subsidiary QTS, plans to build a series of AI data centres on the land previously set for Britishvolt’s gigafactory.
Up to £10bn would be invested into the area, while £110m would be pumped into the council’s coffers to fund business investments across the county, reports the Local Democracy Reporting Service.
The £110m was agreed as part of a deal which saw the council drop the previous buy-back agreement which was on the land.
Mr Sanderson said the investment would be the “largest ever” to come to Northumberland.
He said: “This is tremendous news and I’m very proud to be able to say that.”
The council said the project at the site, also known as Northumberland Energy Park Phase 3 or NEP 3, would create more than 1,600 direct jobs, including 1,200 long-term construction jobs, as well as more than 2,700 indirect jobs.
