Harbour secures £30m SNIB loan for expansion
The Scottish National Investment Bank has provided a £30 million loan for the expansion of Aberdeen Harbour, the largest marine infrastructure project in the UK.
Just months from being operational, the harbour will provide more land and water access for offshore developers and play a vital role delivering the supply chain benefits of the recently announced ScotWind leasing round.
Aberdeen’s Energy Transition Zone will be located adjacent to the South Harbour development. Together they will create a critical mass of offshore engineering experience to drive transition and maintain north-east Scotland as a centre of energy excellence.
Eilidh Mactaggart, the bank’s chief executive, said the South Harbour project will deliver “a high-specification facility which will shape industry in Aberdeen for decades to come” and provide valuable space, as well as water access, for both offshore wind supply chain providers and offshore wind developers.
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.
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.
“The port will provide customers and port users with scalable and flexible infrastructure, making it ideal for space-intense industries such as offshore wind, decommissioning, cargo and cruise.
“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.”
The project is also funded by the European Investment Bank, Scottish Enterprise, and the Aberdeen City Deal.
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.
Finance and the Economy Kate Forbes said: “The £30 million investment from the Scottish National Investment Bank is extremely significant and welcomed news.
“This high-quality commercial investment will support the expansion of Aberdeen Harbour and has the potential to underpin Aberdeen and the North East region’s role in securing a just transition to net zero by 2045.
“As well as supporting greener energy production, this will also help us deliver the type of harbour infrastructure needed to help us capitalise on the huge economic potential of Scotwind.
“This type of investment is exactly why we established the Bank, demonstrating the value of the Bank and its commercial skill set as part of the public sector.
“The Scottish Government is committed to doing all we can to seize Scotland’s economic potential, and the Bank will play a vital role in attracting new investment in our economy and realising our potential.”