A RENEWABLE energy park could be created on the site of a former paper mill after a global asset management and advisory firm acquired the land.

Black Pearl Capital Partners (BPCP) said the proposed facility on the former Sappi paper mill site, Feniscowles, Blackburn, would create a ‘large number’ of jobs locally.

The 118-acre site has not been used since manufacturing ceased at the mill in 2008, with the loss of around 120 jobs.

Coun Alan Cottam, who represents the area, welcomed the acquisition but said he feared the forthcoming plans would most likely draw objections from residents.

The site includes the old Sappi paper mill, formerly known as Star Paper Mill, as well as the long-derelict Sun Paper Mill and a power station.

Reza Irani-Kermani, Chief Executive of BPCP, which is registered in both the Cayman Islands and Switzerland, said the firm had acquired the site alongside Aeternum Capital, its co-investor and asset manager.

Proposals could include new homes as well as a renewable power generation facility.

Mr Irani-Kermani said: "We are excited about adding another renewable energy park to our portfolio.

"The site in Blackburn is our third large brownfield site in the UK, and it has the potential to provide a large number of local jobs once we've developed it for reuse."

It is thought the renewable energy park would be similar to one the firm operates in Castleford, Yorkshire, focusing on biomass power, water treatment and bio-fuels production.

However, the exact nature of the work that will take place at the plant is not yet known.

Coun Cottam said: “From what I gather, they make energy out of waste. They seem to be a company with strong forward thinking ideas, but they do not have many references.

“If it creates local jobs it will be a good thing, but I do not know exactly what their intentions are yet.

“They seem to have a lot of different options, so I will have to wait until the plans are submitted.

“Obviously the regular things would be objections to noise, smells and traffic, but if it creates jobs - super.”