The Port of Tyne has unveiled plans to invest around $200 million to redevelop 230 acres into the Tyne Clean Energy Park, adding 400 meters of deep-water quayside to support offshore renewables, clean energy and advanced manufacturing.
The project could create up to 12,000 jobs and deliver $7.6 billion to the economy, according to an independent study by WSP.
The investment program will transform the north and south banks of the Port of Tyne and add an additional 400 meters of deep-water quayside.
The plan for Tyne Clean Energy Park includes a kilometer of both new and redeveloped deep-water, heavy lift quay to facilitate the use of a 230-acre footprint sited 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.
The development will focus on supporting the fast-growing offshore renewables, clean energy and advanced manufacturing sectors.
“Accelerating offshore wind, renewable energy and advanced manufacturing is a national priority and 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 U.K.-wide initiative.
“Located close to emerging North Sea wind arrays, this nationally strategic site offers deep-water access and a major development footprint to enable the creation of world-class infrastructure to support a growing supply chain offering,” said Matt Beeton, Chief Executive Officer at the Port of Tyne.
Beeton added that phase one, Howdon Quay, with a 23,024 square foot warehouse and a dedicated berth is already complete and ready for business following a $8.17 million redevelopment.
