The Scottish National Investment Bank has committed £30 million of funding for the expansion of Aberdeen Harbour, the largest marine infrastructure project in the UK.
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 facility will provide greater land and water access for offshore wind developers.
The increased capacity will also play a vital role delivering the supply chain benefits of the recently announced ScotWind leasing round, supporting the Bank’s mission to achieve a just transition to net zero.
Aberdeen’s Energy Transition Zone (ETZ) 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, in line with the Bank’s mission to extend equality of opportunity through improving places.
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 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.
The new facility will ensure Scotland remains at the forefront of international marine and offshore innovation for decades to come.
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, and we would like to thank them for their commitment to the project.
“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 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.
Cabinet Secretary for 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.”
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Aberdeen Harbour Board
Notes to editors
The Scottish National Investment Bank is Scotland’s first development investment bank, wholly owned by the Scottish Ministers on behalf of the people of Scotland. The Bank is an impact investor, focussed on delivering both commercial returns and mission impacts with its investments. The Bank is a PLC and operationally independent from government.
The Bank invests in business and projects connected to Scotland to deliver long term, patient debt or equity investment where the private market is failing to provide the support businesses and projects require to grow.
The Bank’s missions are:
- Supporting Scotland’s transition to net zero
- Building communities and promoting equality
- Harnessing innovation to enable our people to flourish
The Scottish Government has committed to capitalising the Bank with £2bn in its first 10 years. Over time as the Bank’s initial investments are repaid, the Bank will reinvest those funds in businesses and projects creating a perpetual investment fund to support the Scottish economy in the long term.
The Bank was established in November 2020 and is led by Chief Executive, Eilidh Mactaggart.
Details of the Bank’s investments can be found at https://www.thebank.scot/portfolio/