Port of Ardersier owners Haventus secures £100 million investment
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The owner of Ardersier Port – Haventus – has secured a £100 million joint credit facility to “underpin the creation of a nationally significant infrastructure facility to support industrial-scale deployment of fixed and floating offshore wind.”
The energy transition facilities provider managed to get £50 million investment from the Scottish National Investment Bank (the Bank) and UK Infrastructure Bank (UKIB).
That investment adds to the private finance of £300 million capital that it announced last year from Quantum Capital Group which has already seen the site cleared ready for large-scale redevelopment.
The sums involved dwarf the seed capital of £52 million to be shared by Scotland’s two Green Freeports – Ardersier is part of the Inverness and Cromarty Firth Green Freeport.
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It is the largest investment of its kind from the two banks in the region and marks the first co-operative work the pair signed a memorandum of understanding at the start of the month to “attract additional private investment into Scotland.”
Ardersier aims to underpin the creation of a “nationally significant infrastructure facility to support industrial-scale deployment of fixed and floating offshore wind” to take advantage of the 35 GW potentially available.
That comes from both the ScotWind and Innovation and Targeted Oil and Gas (INTOG) sites – the latter aims to use floating wind to electrify oil and gas infrastructure in the North Sea.
And because of Ardersier’s position on the Moray Firth it is seen as strategically ideal for both. So Haventus says it has taken a “final investment decision and construction has now begun on the site” – including for a new 650-metre quay wall.
Once operational, the facility will significantly increase the offshore wind port capacity, to support the transition to net zero. As one of the largest industrial regeneration projects in the Highlands in decades, the development will re-establish the port as a major local employer, supporting and creating hundreds of jobs.
First Minister John Swinney said: “Scotland’s growing offshore wind capabilities presents an era-defining opportunity - not only to achieve a just transition to net zero, but to harness the skills which lie across our energy sector and wider supply chain to create thousands of green jobs and transform our regional and national economies.
“The Ardersier Port redevelopment, which is central to the ambitions of the ground-breaking Inverness and Cromarty Firth Green Freeport, exemplifies this opportunity.
“This show of support from both banks demonstrates the huge confidence in this new facility and its role in helping deliver a fairer, greener future for everyone.”
Haventus Chief Executive, Lewis Gillies, said: "We are delighted to have secured the support of the two banks as important partners in this nationally significant project. With their support, and that of Quantum, Ardersier Port is poised to become a critical offshore wind hub and an important job creator and enabler. It will play a crucial role in helping the country meet its net zero ambitions.”
“With work now underway on site, we aim to have the facility open and operational in the second half of next year. This progress has been achieved in a very short period, due in large measure to the constructive engagement we have had with the Highland Council, our consenting agencies and regulators and government departments.”
UK Government Minister for Nuclear and Renewables Andrew Bowie MP said: “Scotland is a pioneer in this important technology, and infrastructure investment of this size is a welcome boost to our clean energy targets, while supporting the local economy with new jobs and opportunities.”
The Scottish National Investment Bank CEO Al Denholm said: “We expect the site at Ardersier to be of significant strategic importance in supporting the growing offshore wind industry over the coming years. We are pleased to fund this development and to be doing so with the UK Infrastructure Bank. The project perfectly aligns to our net zero mission and illustrates the benefits of our two organisations working together.”
UK Infrastructure Bank CEO, John Flint said: “Vast investment is needed in port infrastructure by 2030 in order to fully realise the potential of offshore wind. This is a great opportunity to support this crucial sector, alongside the Scottish National Investment Bank, in what will be a nationally significant project for the UK energy transition, while also helping to grow the local Scottish economy.”
Exchequer Secretary to the Treasury Gareth Davies said: “This latest deal in Scotland’s growing clean energy sector is another example of the UK Infrastructure Bank delivering on its mandate to tackle climate change and boost regional growth. Not only is this investment another important step towards our net zero transition, but it will support hundreds of jobs and grow the economy."
