The contracting joint venture of local firm Alun Griffiths and Spain’s FCC is now expected to begin site preparation within weeks for the Circuit of Wales development near Ebbw Vale.
The Heads of the Valleys Development Company, the project’s developer, has agreed a £2m Section 106 package of measures for local causes with Blaenau Gwent Council in return for planning permission, which was granted in outline in July.
The first phase of the development will be the construction of an international specification motor racing circuit, including hotel, commercial and retail complexes. It will include a 3.5 mile track, Motocross and international karting tracks, and off-road driving facilities.
The intention is that the centre will be a hub for automotive research and development.
It has been estimated that 3,000 construction jobs will be created during the build phase.
The contractors have good sporting credentials. FCC Construcción built the celebrated Circuit of Jerez in Andalusia, while Griffiths was responsible for the civil engineering works on the 2010 Ryder Cup golf course in Newport.