New Blog: Welcoming the UKIB’s first investment in Teesside
Launched in 2021, the UK Infrastructure Bank was created as the new, government owned policy bank, aimed at furthering the UK’s interests and finance innovative infrastructure projects, tackle climate change and boost growth. Following in the path many central government departments, it is part of the movement to create opportunities across the UK as part of the government’s commitment to levelling up the regions, and has headquartered itself in Leeds in the North of England.
Since its inception we have been watching with interest to find out how the bank will be operating and how it will deliver on its mandate to provide loans and make investments that deliver on the Bank’s central objectives, provide a financial return, and offer good value for the taxpayer.
As an SME working across the infrastructure space with roots in Redcar and London, we were delighted to learn that the Bank’s first investment is a £107 million loan at South Bank Quay development at Teesworks in Teesside. The project is expected to completely transform part of the former Redcar Steelworks site along the River Tees, creating a 450-metre quay to service the offshore wind sector, providing opportunities for manufacturing, storage and mobilisation of wind technology and support over 800 jobs.
“After years of underinvestment in infrastructure, we are starting to see a resurgence of investment in towns and cities across the UK, such as Redcar, where this type of investment is creating new jobs and an impetus for investment in skills to serve a pipeline of opportunity. We’re proud of our heritage in Teesside and wholeheartedly welcome this investment in our region and in the low carbon energy sector.”
- Mike Pugsley, CFO of Agilia Infrastructure Partners