Sunday, July 3, 2022
BusinessMaking a splash: Scots bank commits £30m to expanding harbour

Making a splash: Scots bank commits £30m to expanding harbour

A RENOWNED Scottish bank has made a splash by committing £30 million towards the expansion of a major harbour in Aberdeen.

The Scottish National Investment Bank has committed the £30 million of funding for Aberdeen Harbour.

The harbour is the largest marine infrastructure project in the UK, and the expanded facility will provide greater land and water access for offshore wind developers.

The facility aims to ensure that Scotland remains at the forefront of international marine and offshore innovation for decades to come.

Aberdeen Harbour from above.
The harbour is the UK’s largest marine infrastructure project.                              (C) The Scottish National Investment Bank

Just months from being operational, the Bank’s loan will strengthen Aberdeen’s position as a key port hub for the UK’s large scale energy transition efforts.

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

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

Eilidh Mactaggart, CEO of the Scottish National Investment Bank, said: “The Bank is delighted to invest in Aberdeen Harbour and a project strongly aligned with its net zero and place missions.

“The South Harbour project is a critical platform for the just transition in Scotland, delivering a high-specification facility which will shape industry in Aberdeen for decades to come.

“It will provide valuable space, as well as water access, for both offshore wind supply chain providers and offshore wind developers.”

As a Trust Port, Aberdeen Harbour is fully independent and run by a Board for the benefit of its stakeholders, with all profits being reinvested back into the business.

Bob Sanguinetti, Chief Executive of Aberdeen Harbour Board, said: “The Scottish National Investment Bank has recognised the value and importance of the expanded Aberdeen Harbour as a critical asset in the future of Scotland’s industries.

“We would like to thank them for their commitment to the project.

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

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