The UK Infrastructure Bank and the Scottish National Investment Bank work together to accelerate Scottish projects

Both banks are government owned yet operate independently to invest public capital on a commercial basis to deliver wider social, environmental, and economic impacts.

Through the MOU, the banks will continue to share sector insights and intelligence, impact analysis, thought leadership and development opportunities which will be beneficial to both organisations in meeting their policy objectives. Whilst the Banks will continue to support separate projects in Scotland, in line with their individual mandates, the MoU will help facilitate discussions on opportunities that would benefit from co-financing by both parties.

Speaking about the development, UKIB CEO John Flint said:  

”We look forward to working more closely with the Scottish National Investment Bank and drawing on their insight into the local market to accelerate investment opportunities in Scotland.”

SNIB CEO Al Denholm added:

“We’re delighted to strengthen our working relationship with UKIB and deliver more for the people of Scotland. We both recognise that cooperation and collaboration can leverage our investment impact and we are excited to build on the good work we have already done together.”

UKIB has £22bn to deploy in infrastructure projects which tackle climate change and drive regional and local economic growth, across the whole of the UK. This includes £4bn for local authorities with eligible projects, with a minimum ticket size of £5m, alongside commercial and financial advisory services. For private sector transactions, UKIB has a minimum ticket size of £25m.

SNIB invests in Scottish businesses, projects and communities to deliver long-term environmental, social and financial returns for the people of Scotland. It finances businesses and projects in Scotland that have debt or equity requirements between £1m and £50m and align to its missions of achieving a just transition to net zero, improving equality and opportunity, and harnessing innovation.

Since our respective launches the banks have collaborated on the development of the offshore wind industry, and the MOU is designed to create more opportunities to unlock strategic opportunities and attract private investment into Scotland.

The financing follows a £300 million capital commitment announced in 2023 by leading energy investment firm Quantum Capital Group, when Haventus began the redevelopment of Ardersier Port.

The facility will underpin the creation of a nationally significant infrastructure facility to support industrial-scale deployment of fixed and floating offshore wind. Haventus has taken a final investment decision and construction has now begun on the site, which includes the development of a new 650-metre quay wall and associated quayside.

Based in Scotland’s Moray Firth, Ardersier Port is ideally located to support offshore wind developers and manufacturers of offshore wind components and equipment, as the c.35 GW of ScotWind and INTOG project pipeline is built out. As a tax site within the Inverness and Cromarty Firth Green Freeport, Ardersier Port will offer a 450-acre site with quayside access and suitable infrastructure for marshalling, integration, manufacturing, and assembly of offshore wind components. It will be the largest dedicated offshore wind deployment port facility in Scotland, capable of hosting and supporting gigawatt scale projects.

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.

UKIB and the Scottish National Investment Bank recognise the strategic significance of Ardersier Port in the renewables sector, and this is the first project to be financed between them, having recently signed a Memorandum of Understanding to formalise their close working relationship.

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.

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.

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.

Michael MacDougall, Partner, Quantum Capital Group, said:

Quantum is delighted that the banks have chosen to work alongside us. From the outset, we were impressed by their leadership, thought partnership, and diligent effort to help us deliver a facility that will create significant benefit in terms of regeneration, support for net zero transition, and creation of new employment. This project shows how private capital can work successfully with banks to provide critical infrastructure and in particular suitable facilities to support decarbonisation of Scotland and the UK.

First Minister of Scotland, 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.

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.

UK Government Minister for Nuclear and Renewables Andrew Bowie MP said:

The UK has a record on offshore wind it can be truly proud of, with the most installed capacity in Europe and home to the five largest operational windfarms off our shores.

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.

UK Government Minister for Scotland John Lamont said:

It's fantastic news that the first project to be financed between the UK Infrastructure Bank and Scottish National Investment Bank is the transformation of the Ardersier site into the largest dedicated offshore wind deployment port facility in Scotland.

Working together with the private sector, the funding will deliver regeneration which will boost the UK's path to net zero while supporting and creating hundreds of jobs, investing in skills and growing the economy. With this project, and as a tax site within the UK Government-backed Inverness and Cromarty Firth freeport, Ardersier Port has an exciting future. I look forward to both banks working together again to help deliver further transformational projects.

Notes to editors

Professional advisers - Brodies was lead legal adviser to Ardersier Port, parent company Haventus, and equity provider Quantum Capital Group and Pinsent Masons was lead legal adviser to the Scottish National Investment Bank and the UK Infrastructure Bank on the £100 million senior debt financing. Dickson Minto is corporate legal adviser to Quantum and Haventus.

About Haventus

Haventus is an energy transition facilities provider, offering pivotal infrastructure for the offshore wind industry.  The company is spearheading the development of essential port infrastructure on Scotland's North Sea coast with the transformation of Ardersier Port, east of Inverness. Ardersier Port will be a world-class energy transition site, serving the offshore wind generation market, notably including the c.35GW capacity of the ScotWind and INTOG  programmes.  The facility will address the urgent demand for substantial energy infrastructure in Scotland and the UK. Haventus is proud to be a member of the Inverness and Cromarty Firth Green Freeport.

About Quantum Capital Group

Founded in 1998, Quantum Capital Group is a leading global provider of private capital to the responsibly sourced energy and energy transition & decarbonization sectors, having managed together with its affiliates more than $24 billion in capital commitments under stewardship since inception. For more information on Quantum Capital Group, please visit www.quantumcap.com.

About Scottish National Investment Bank

The Scottish National Investment Bank (The Bank) is Scotland’s first development investment bank, wholly owned by the Scottish Government ministers on behalf of the people of Scotland since its establishment in November 2020. It is a public limited company (PLC), that operates independently from government.
The Bank provides patient (long term) debt or equity investments to businesses and projects throughout Scotland to support the development of a fairer, more sustainable economy. As an impact investor, the Bank is focused on delivering both commercial returns and impacts that align with at least one of its three missions:

• Net zero: Addressing the climate crisis through growing a fair and sustainable economy
• Innovation: Scaling up innovation and technology for a more competitive and productive economy
• Place: Transforming communities to make them places where everyone thrives

The Scottish Government has committed to capitalising the Bank with £2bn in its first 10 years.  Over time as the Bank’s initial investments are repaid, the Bank will reinvest those funds in businesses and projects, creating a perpetual investment fund to support the Scottish economy in the long term.