The Port of Tyne has been boosted by a £50m investment which will support its regeneration and expansion plans and help it move towards to “cleaner and greener future”.
The financing, from the UK Infrastructure Bank, aims to redevelop the land that will provide a base for the growing number of green industries in the area, including offshore wind.
A number of additional projects are planned to help the Port, which provides 12,000 jobs, fulfil its strategic plan and become Net Zero by 2030.
The Port of Tyne is a “catalyst” for the region’s green economy and “essential in supporting the UK in the green energy and automotive transition”, said Port of Tyne chief executive Matt Beeton.
He added: “This investment will help us accelerate our internationally ambitious plans to ensure the port, the region and the UK have a firm foothold in these critical markets for generations to come.”
John Flint, chief executive of UK Infrastructure Bank, said: “Renewable energy is key to helping the UK deliver on its net zero target and securing long-term energy security. The UK’s offshore wind sector provides a major opportunity for regional and local economic growth and this investment will enable the Port to accelerate its expansion plans, supporting the green transition and creating high skilled jobs across the North East.
“If we are to deliver on our Net Zero ambitions, we must reimagine, repurpose and reinvent our old industrial heartlands and the Port of Tyne re-generation and expansion projects are a prime example of how to do this.”
Minister for investment Lord Johnson added: “Regenerating the 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.
“The UK Infrastructure Bank has become an integral part of this country’s Net Zero ambitions, delivering new and innovative ways to achieve sustainable growth.”