The UK’s port of Tyne is investing GBP150 million (USD204.5 million) to transform 230 acres (93 ha) of the site into the Tyne Clean Energy Park.
The investment includes adding 400 m of deepwater quayside and a heavy lift quay to support offshore renewables, clean energy and advanced manufacturing.
Tyne Clean Energy Park is situated within an industrial strategy zone, providing similar 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.
Matt Beeton, ceo at the port of Tyne, said that accelerating offshore wind, renewable energy and advanced manufacturing is a national priority that requires decisive action. “Boosted by Industrial Strategy Zone status that provides similar benefits to a modern freeport, our expanded Tyne Clean Energy Park is uniquely positioned to support this UK-wide initiative,” he added.
Phase one, Howdon Quay, is already complete following a GBP6 million (USD8.20 million) redevelopment. It features a 23,024 sq ft (2,139 sq m) warehouse and a dedicated berth.
The project was officially launched at the Port Investment Panel at London International Shipping Week on September 17.
