Wyre Power Ltd have signed a deal which could pave the way for a new gas-fired power station on the Hillhouse Enterprise Zone in Thornton.
The collaborative agreement with China Machinery Engineering Corporation (CMEC) was finalised at the House of Commons in a move supported by Wyre Borough Council, the UK Department for International Trade and the UK Chinese Embassy.
The Power Station is expected to be operational by 2022, with the 900 MW plant providing power for up to one million homes.
It would represent an investment of £500m and could create anywhere between 600 and 1000 jobs.
Paul Maynard MP said: “I’ve been a long advocate of the Hillhouse International site which is why I battled to have it made an enterprise zone, and assisted area status. With the new A585 and further development space remaining I can only see great things for Hillhouse International and those companies that choose to invest and grow their businesses on it.”
Garry Payne, Chief Executive of Wyre Council, added: “We’ve been in discussions with NPL and its Chinese partners for more than two years and we are delighted that this has come to fruition.
“The signing marks an historic moment and a significant investment in Wyre; hopefully the first in a series of many more to come.”