The Port of Tyne has secured a £50m boost from the UK infrastructure Bank to power its expansion and regeneration plans.
The finance deal from the bank – which is wholly owned by HM Treasury but operationally independent from Government – will enable regeneration and redevelopment of land at the port that will provide a base for the growing number of companies in green industries in the area, including offshore wind.
The port’s CEO Matt Beeton said the projects will help it move towards a cleaner and greener future, while also ensuring the 12,000 jobs it provides can continue to be supported.
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He said: “The Port of Tyne is the catalyst for the North East’s green economy and essential in supporting the UK in the green energy and the automotive transition. This investment will help us accelerate our internationally ambitious plans to ensure the port, the region and the UK have a firm foothold in these critical markets for generations to come.”
UKIB’s investment will help the port to deliver its Tyne 2050 strategic plan to become net zero by 2030, while also positioning the Tyne as a gateway for regional and maritime transformation, which is aligned to the Government’s Maritime 2050 strategy and the North East Economic plan. The funds follow on from a recent £4m public investment for the Tyne Dock Enterprise Park from the North East LEP, aiding aims to boost its position as a major offshore wind hub.
The North East Local Enterprise Partnership made the investment from the Getting Building Fund, topping up the £2.1m which has already been invested by the Port of Tyne into the site.
John Flint, CEO of the UK Infrastructure Bank said: “Renewable energy is key to helping the UK deliver on its net zero target and securing long-term energy security. The UK’s offshore wind sector provides a major opportunity for regional and local economic growth and this investment will enable the Port to accelerate its expansion plans, supporting the green transition and creating high skilled jobs across the North East.
“If we are to deliver on our net zero ambitions, we must reimagine, repurpose and reinvent our old industrial heartlands and the Port of Tyne re-generation and expansion projects are a prime example of how to do this.”
Minister for Investment Lord Johnson said: “Regenerating the Port of Tyne will not only help the UK cement its role as a global leader in clean energy technology, but will be essential for levelling up the North East with high skilled, green jobs and local economic growth. The UK Infrastructure Bank has become an integral part of this country’s net zero ambitions, delivering new and innovative ways to achieve sustainable growth.”
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