Global asset management firm Aviva Investors has agreed to provide most of the funding for the £315 million (US$457 million) Circuit of Wales project. Therefore the London-based institutional investor would become the sole private sector backer of the project in Blaenau Gwent, Wales.

On the other hand, Heads of the Valleys Development Company Limited (HOTVDC), the company that designs, builds, finances, and operates the circuit, is in discussions with the Welsh Government towards providing a £30 million repayable loan for the project.

The number of visitors in the region derived from the construction of the project is projected to be around 750,000 according to Government predictions.

HOTVDC already received Welsh Government approval on de-registering the 336 hectares of common land that covers the project in December. 

The goal is to have the track completed for the circuit to stage the British MotoGP in 2017, and the entire circuit development completed in 2020.

The main race track is 3.5 miles in length and there will be additional smaller circuits for karting, motocross and 4x4, among many other facilities.

Spanish construction company FCC has been appointed the project’s main contractor, while there is also involvement for local civil engineering firms such as Alun Griffiths Contractors.

In Wales, Aviva has already invested in other projects such as Cardiff Waterside, the Wales’ premier bay-side office location which currently provides 403,000 square feet of office space. There is outline planning consent for a further 625,000 square feet.