Michael Carrick, CEO of Heads of The Valleys Development Company, commented on Edwina Hart’s letter (dated 6 April 2016) to Rt Hon Carwyn Jones regarding the Circuit of Wales Project:
We fully recognise and appreciate the support and commitment of The Welsh Government and private sector partners over many years to get a project as complex as the Circuit of Wales to a point where construction is imminent.
The Circuit of Wales is a significant mixed-industry development in an ex-steel mining town with the potential to deliver widespread regeneration benefits to the South Wales region. Many observers near to the site will have already noted that the pre-enablement works and ecology activity have already commenced and we have a range of contractors engaged on creating sustainable employment opportunities in this challenged area.
We respect and understand the Minister’s decision on the support for a 100% guarantee for our private funding. While this was our clear preference and reflective of the negotiations we have held over the past six months, we accept that the project will now need to progress on revised terms.
We will continue negotiations with the Welsh Government, the local authorities and Aviva Investors to advance the development on revised terms that will be acceptable to all parties.