The North East mayoral authority has sealed an agreement with the Government’s Office for Investment and one of the country’s largest banks to drive investment into the region’s energy sector.
The deal agreed at the ƵREiiF investment conference aims to bring businesses and financial services together to identify how to unlock private investment, supporting regional infrastructure and supply chain development.
The North East is already a key hub for the Ƶ’s energy transition and it is hoped that the £160m North East Investment Zone will encourage more companies in the energy sector to create jobs in the region. The investment zone is specifically supporting offshore and renewable energy, as well as electric vehicle and battery manufacturing.
Lloyds Banking Group, the Combined Authority and the Office for Investment (OFI) hope to finalise details of how the joint initiative will work by the autumn.
North East mayor Kim McGuinness said: “I want the young people in North East England to grow up with the ambitions and opportunity of a high value job in clean energy and this is where we make that happen.
“Green energy is a fundamental part of our region’s strategic Growth Plan, building on our excellent industrial credentials in the sector, and as a home for electrical vehicle technology, as well as our unique position with three major ports on the North Sea coast.
"We are putting in place the infrastructure and building the skills of local people in North East England through multi-million investments by the North East Combined Authority.
“By working in close partnership with Lloyds Banking Group and OFI we can maximise the opportunity for business which the North East Investment Zone and cluster areas like the Tyne Economic Corridor provide.”
Charlie Nunn, CEO at Lloyds Banking Group, said: “As the Ƶ’s leading bank for infrastructure and project finance, we’ve supported some of the country’s largest and most complex projects.
"This initiative reflects our commitment to regional growth and enabling the transition to net zero, in partnership with one of the Ƶ’s foremost clean energy regions.
“By working together with NECA and OFI, we can increase innovation, create jobs, and stimulate long-term sustainable growth in the North East and beyond.”
Earlier this week, investment opportunities in the North East worth £14bn were showcased at ƵREiiF.
The North East Investment Prospectus highlights schemes including the Baltic quarter in Gateshead, Riverside Sunderland, the Durham Innovation District and the Health Innovation Neighbourhood in Newcastle.
