UK Infrastructure Bank commits £50m to Port of Tyne
The Treasury-owned organisation said that the financing would support redevelopment of land that could provide a base for green industries such as offshore wind.
One of the largest employers in the region, the Port provides 12,000 jobs, and UKIB’s financing will help ensure these jobs continue to be supported, the bank said.
Port of Tyne chief executive Matt Beeton 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 said that its investment will help the Port deliver its ‘Tyne 2050’ strategic plan to become net zero by 2030, and position the River Tyne as a gateway for both regional and maritime transformation.
John Flint, chief executive 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 regeneration and expansion projects are a prime example of how to do this.”
Described as wholly owned by the Treasury, but operationally independent, UKIB was set up in June 2021 with the brief of helping to tackle climate change, identifying and selecting projects to support through its investment committee and board.
The port is close to Newcastle and deals in bulk goods, cars and cruise & ferry operations. It is a partner in the 2050 Maritime Innovation Hub project with Nissan, Drax, Accenture, Ubisoft, Royal HaskoningDHV and various government departments.
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.”