UK’s new infrastructure bank to invest £ 107million in Teesworks South Bank quay


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THE new UK Infrastructure Bank has announced the very first project it plans to invest in – and it’s based in the North East.

The bank, which was launched in June 2021 to finance innovative infrastructure projects, tackle climate change and boost growth in the UK, will invest £ 107million in the new South Bank Quay at Teesworks.

The loan will see part of the former Redcar Steelworks site along the River Tees transformed into a 450-meter quay to service the offshore wind sector, providing opportunities for manufacturing, storing and mobilizing wind technology.

The authors of the project say it “will significantly increase the UK’s capacity in this sector, supporting the government’s goal of being a world leader in offshore wind by 2035 and the UK’s plan to ‘achieve zero net carbon emissions by 2050 “.

The UK Infrastructure Bank deal will directly support around 800 jobs, with the potential to unlock thousands of jobs in total across the rest of the Teesworks site as development intensifies in the years to come.

The Bank is operationally independent from government – projects are appraised by the Bank, approved by an investment committee and approved by the UK Infrastructure Bank Board.

The Echo of the North:

Tees Valley Mayor Ben Houchen said: “This investment will make the first part of the South Shore wharf a reality, which will support the installation of GE Renewable Energy on our site and the thousands of constructions and projects. long-term jobs that it will create as we move forward. these cleaner, healthier and safer industries.

“It’s also another chord in our bow for other companies looking to establish a foothold in the 4.5 million square feet of state-of-the-art manufacturing space next door, which will put us at the heart of the industry. offshore from the United Kingdom. The fact that this is the bank’s very first investment is another vote of confidence in our region, our innovation and our ability to lead the green and clean technologies of the future.

The Echo of the North:

Chancellor Rishi Sunak welcomed the UKIB’s first deal, saying: “It’s great to see the UK Infrastructure Bank already making deals and helping to deliver on our commitment to take it to the next level and achieve Net Zero .

“This is a vote of confidence in the Tees Valley economy and our new free ports which will help boost growth in Britain after Brexit.”

UK Infrastructure Bank CEO John Flint said: “I am very happy to announce our first transaction, only four months since our launch and one that so clearly matches our goals. South Bank Quay will not only boost economic activity in the region, but represent a significant investment in the country’s future green technologies.

“We look forward to working with the team and encourage other local and regional organizations to contact us to find out how we can work together to fund projects across the country.”

The South Bank Quay will be used as part of the Teesworks Freeport project, which has already attracted global leaders such as GE Renewable Energy. The company plans to build a multi-million pound wind turbine blade manufacturing plant on the site.

Teesworks bosses also say the wharf will play a critical role in loading and shipping these blades to the Dogger Bank wind farm, 80 miles off the coast.

The Echo of the North:

Earlier this week, plans were formally submitted for a skills academy to prepare people for work at the site.

The training will be delivered by Darlington College, Hartlepool College of Further Education, Learning Curve Group, Middlesbrough College Group, NETA Training Group, Redcar and Cleveland College, Stockton Riverside College and University of Teesside.

The £ 2.1million development is being delivered by British entrepreneur Graham. If approved, the 5,400-square-foot, two-story academy will include three classrooms, as well as office, meeting and interview rooms will be used to house the Teesworks Skills Academy team as well as a base for shared offices for companies wishing to come on site. , internal training events, information sessions, networking and more.

Most of the construction is expected to take place in January before it opens in March 2022.

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