Build & Sustainability
Port of Tyne looks to fuel green growth after £100 million support
July 17, 2023
A dock operator has secured “ground-breaking” £100 million support it says will drive forward green energy expansion.
Port of Tyne has been backed by the UK Infrastructure Bank, Pricoa Private Capital and Lloyds Bank.
Officials say the ten-year financing arrangement will help deliver its Tyne 2050 strategy, which includes ambitions to make the trade hub net-zero by 2030 and fully electrified by 2040.
It also centres around the 200-acre Tyne Clean Energy Park, which aims to create a renewable cluster on the banks of the River Tyne, with the port already home to a Dogger Bank wind farm operations and maintenance base and a storage site for Van Oord’s work on the Sofia wind farm.
It also recently signed a fresh ten-year agreement with long-term partner European Metals Recycling.
Mark Stoner, chief financial officer at the port, which operates as the country’s second largest car exporting base, said: “This ground-breaking capital facility will help the port accelerate its plans to support the rapidly-expanding and critical green energy and automotive transition markets.”
The port has been supported by a £50 million capital fund from the Government-owned UK Infrastructure Bank, £45 million of long-dated loan notes from Pricoa Private Capital and a £5 million Lloyds Bank revolving credit facility.
Lord Johnson, investment minister, added: “Regenerating 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.”