Set over 830-acre, the Circuit of Wales is designed to host all international motor sport events with the exception of Formula One. It will also be a centre for motor sport-related industries.
Developed by Heads of the Valleys Development Company, the project is being dubbed as the low carbon automotive centre of excellence.
To be built in phases, the first phase will include an international specification motor racing circuit, including a hotel and commercial and retail complexes.
It will include a 3.5-mile track, a Motocross track, an international karting track, and off-road driving facilities. The 3.5-mile track will benefit from the unique topography of Ebbw Vale.
A racing academy is also on the cards which will cater for the new talent in Wales and the UK.
It is also poised to be the world’s leading sustainable development targeting the growth of low-carbon industries and events, and will be a hub for research and development companies.
Spanish construction company FCC and Welsh civil engineer Alun Griffiths have been chosen as the contractors for the project.
Work is expected to start in late 2013, and is scheduled to be completed in 2015-16. The project will create 3,000 new construction jobs.
The project is also one of the largest ever privately led capital investment programmes in motor sport in the UK.
As reported in BBC, the Welsh government has granted £2m loan for the project, with the developers still in the process to secure more public money.
Banks are expected to provide the rest of the money. The developers aim to raise £150m from institutional investors such as pension funds, which would become part owners of the track, said the BBC.
Despite the council approval, various groups remain divided over the project citing adverse environmental concerns.
