- The Port of Tyne, a dock operator, has secured £100 million in groundbreaking support to drive green energy expansion.
- The ten-year financing arrangement will help the port deliver its Tyne 2050 strategy.
- It has also recently signed a ten-year agreement with European Metals Recycling.
The Port of Tyne, a dock operator, has received significant support totalling £100 million, which it describes as groundbreaking and aimed at advancing the expansion of green energy. The backing comes from the UK Infrastructure Bank, Pricoa Private Capital, and Lloyds Bank, as published in NE Times Magazine.
Tyne 2050 strategy
The Port of Tyne has secured a ten-year financing arrangement to support its Tyne 2050 strategy. The strategy aims to achieve net-zero emissions by 2030 and complete electrification by 2040. The centrepiece of the plan is the Tyne Clean Energy Park, a 200-acre area on the River Tyne that will foster a renewable energy cluster. The port is already home to a wind farm operations base and a storage site for renewable energy projects. Additionally, the port has renewed its partnership with European Metals Recycling. The financing facility will help the port advance its efforts in supporting the growing green energy and automotive transition markets.
Levelling-up North East
The Port of Tyne has received financial support from various sources. The UK Infrastructure Bank, a government-owned entity, has provided a capital fund of £50 million. Pricoa Private Capital has extended long-term loan notes worth £45 million, and Lloyds Bank has granted a revolving credit facility of £5 million.
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.”
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Source: NE Times Magazine
