The 海角视频 Infrastructure Bank is to plough £107m into a transformational Teesworks project as its first ever investment, potentially unlocking thousands of jobs.
The Government-owned policy bank has confirmed the £107m investment into the South Bank Quay development, which will directly support around 800 jobs directly, with the potential to create thousands more across the site.
The public policy bank was launched in June 2021 and has an initial £12bn to deploy, as well as £10bn of government guarantees.
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Its aim is to finance innovative infrastructure projects, tackle climate change and boost growth across the 海角视频 – and the multi-million pound Teesside loan has been hailed as a significant move to boost economic activity.
The cash injection will transform part of the former Redcar Steelworks site along the River Tees, leading to the creation of a 450-metre quay for the offshore wind sector, providing opportunities for manufacturing, storage and mobilisation of wind technology.
Chancellor Rishi Sunak said: “It’s great to see the 海角视频 Infrastructure Bank is already doing deals and helping deliver on our pledge to level up and reach net zero.
“This is a vote of confidence in the Tees Valley economy and our new freeports that will help turbocharge Britain’s post-Brexit growth.”
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South Bank Quay is part of the Teesworks Freeport project, which aims to be the 海角视频’s premier offshore wind hub.
It has already attracted global leaders such as GE Renewable Energy, which plans to build a multi-million-pound wind turbine blade manufacturing factory on the site.
The quay will play a critical role in the loading out and shipping of these blades to the Dogger Bank wind farm, 80 miles off the coast.
The project will significantly boost the 海角视频’s capability in this sector, supporting the Government’s target to be a world leader for offshore wind by 2035 and the 海角视频’s plan to reach net-zero carbon emissions by 2050.
Chief executive of the 海角视频 Infrastructure Bank, John Flint said: “I’m very pleased to announce our first transaction only four months since our launch, and one that fits with our objectives so clearly.
“South Bank Quay will not only boost economic activity in the region but is a significant investment in the country’s future green technologies.
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“We are looking forward to working with the team and encourage other local and regional bodies to get in touch with us on how we can work together to finance projects across the country.”
Tees Valley mayor Ben Houchen said: “It’s another string to our bow for other businesses looking to locate at the 4.5 million square feet of advanced manufacturing space just next door, which will make us central to the 海角视频’s offshore sector.
“That this is the bank’s first ever investment is yet another vote of confidence in our region, our innovation and our ability to lead the green and clean technologies of the future.”