The Port of Tyne is deploying US$203 to convert 230 acres into the Tyne Clean Energy Park, incorporating 400 meters of deep-water quayside to facilitate offshore renewables, clean energy, and advanced manufacturing operations.
The redevelopment has potential to generate up to 12,000 employment opportunities, contribute US$7.6 billion to the economy, and position the North East as a central hub for the UK’s green energy transformation.
The Port of Tyne has introduced to the market a 230-acre redevelopment initiative featuring new deep-water quayside infrastructure, which could produce thousands of jobs in offshore wind and manufacturing sectors.
The project received official launch at the Port Investment Panel during London International Shipping Week on September 17, supported by Rt Hon Heidi Alexander MP, Secretary of State for Transport, and North East Mayor Kim McGuinness, as a strategic step in her mission to establish the region as the green energy revolution headquarters, generating new employment and opportunities for local residents.
This investment program will transform the Port of Tyne’s north and south banks while adding 400 meters of additional deep-water quayside.
The Tyne Clean Energy Park plan encompasses one kilometer of both new and redeveloped deep-water, heavy lift quay to facilitate utilization of a 230-acre area situated within an Industrial Strategy Zone, providing comparable benefits to freeports.
These include Business Rates relief, enhanced Capital Allowances, enhanced Structures and Buildings Allowance, employer National Insurance contributions relief, and Stamp Duty Land Tax relief.
The development will concentrate on supporting rapidly expanding offshore renewables, clean energy, and advanced manufacturing sectors, representing a key priority for Mayor Kim McGuinness as she implements the North East’s Local Growth Plan.
Following the Port Investment Panel at London International Shipping Week, Transport Secretary Rt Hon Heidi Alexander MP stated that this maritime industry enhancement will accelerate growth and employment in our coastal towns and cities positioning the UK among the world’s premier investment destinations.
Matt Beeton, Chief Executive Officer at the Port of Tyne, said that enhanced by Industrial Strategy Zone, this status providing comparable benefits to modern freeports, the expanded Tyne Clean Energy Park is uniquely positioned to support this UK-wide initiative.
