Aberdeen Harbor plans get £30m boost from Scottish National Investment Bank

The bank’s loan will strengthen the port’s position as a key port hub for the UK’s large-scale energy transition efforts.

The Aberdeen expansion has been described as the biggest maritime infrastructure project in the UK. It is only a few months away from being operational.

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Developers hope the expanded facility will provide better access to land and water for offshore wind companies.

The Port of Aberdeen expansion has been described as the largest maritime infrastructure project in the UK. It is only a few months away from being operational.

The increased capacity will also play a critical role in delivering the supply chain benefits of the recently announced ScotWind leasing cycle, supporting the bank‘s mission to achieve a “just transition to net zero”.

The Aberdeen Energy Transition Zone (ETZ) will be located adjacent to the South Harbor development.

Eilidh Mactaggart, Chief Executive of the Scottish National Investment Bank, said: “The bank is delighted to be investing in the Port of Aberdeen and a project strongly aligned with its net zero and place missions.

“The South Harbor project is a key platform for Scotland’s just transition, providing a high specification facility that will shape industry in Aberdeen for decades to come and provide valuable space, as well as access to the water, for both suppliers in the offshore wind supply chain. and offshore wind developers.

Bob Sanguinetti, Chief Executive of Aberdeen Harbor Board, said: “The Scottish National Investment Bank has recognized the value and importance of the expansion of Aberdeen Harbor as a key asset for the future of Scottish industries. , and we would like to thank them for their commitment. to the project.

“The port will provide port customers and users with a scalable and flexible infrastructure, making it ideal for space-intensive industries such as offshore wind, decommissioning, freight and cruises.

“We are months away from opening our South Harbor expansion and look forward to beginning operational trials at the port in late summer.”

The expanded port has been designed to accommodate larger, wider and deeper vessels, while providing land-side facilities for the expanding offshore wind industry.

The project is also funded by the European Investment Bank, Scottish Enterprise and Aberdeen City Deal.

As a trusted port, Aberdeen Harbor is fully independent and managed by a board of directors for the benefit of its stakeholders, with all profits plowed back into the business.

The Scottish National Investment Bank will use around £2bn of Scottish Government funding in its first decade to invest in businesses and projects that aim to help Scotland achieve its 2045 net zero carbon target, at fight against geographical inequalities and promote innovation in the country’s businesses. The bank was established in November 2020.

Launching the bank, Prime Minister Nicola Sturgeon described the project as “one of the most important developments in the life of this parliament”.

She said at the time: “The Scottish National Investment Bank will help tackle some of the biggest challenges we face today and in the years to come, delivering economic, social and environmental returns.”

Bank financing will be provided in several forms, including through loans and equity purchases.

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