Work starts on crucial ScotWind port hub after $125m Ardersier boost

Haventus, owner of Scotland's Ardersier Port, has secured a £100m ($125m) joint credit facility from the Scottish National Investment Bank and UK Infrastructure Bank (UKIB), to help redevelop the facility, located east of Inverness.

The financing follows a £300m capital commitment announced in 2023 by US energy investment firm Quantum Capital Group, demonstrating a mix of backing for the facility's potential for supporting industrial-scale deployment of fixed and floating offshore wind.

Located in the Moray Firth, Ardersier is expected to prove attractive to offshore wind developers and manufacturers of offshore wind components and equipment as the UK attempts to execute a project pipeline of up to 35GW that was tendered under the ScotWind and INTOG programmes.

Haventus said it 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. The firm aims to have the facility open and operational in the second half of next year.

The facility will offer a 450-acre site with quayside access and suitable infrastructure for marshalling, integration, manufacturing, and assembly of offshore wind components.

Haventus CEO, 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.”

Michael MacDougall, Partner, Quantum Capital Group, said: “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.”

This is the first project to be financed jointly between the two banks, who recently announced that they have signed a Memorandum of Understanding to formalise their close working relationship on projects like this.

The financing commitment for Ardersier will be split equally between them.

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.”

UKIB 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.”

Haventus was founded in 2023, one year after the ScotWind offshore wind leasing round created what the investment firm described as "an urgent need for major energy infrastructure in Scotland and the UK".

Some developers and offshore wind technology companies have expressed concern that the UK is not acting quickly enough to upgrade and expand port capacity on a scale that will allow ScotWind and INTOG programmes to realise their full potential.

Eddie McAvinchey, Scotland representative of the UK Infrastructure Bank added: "Ports are a critical enabler for large scale offshore wind, so we hope this will be the first of many new investments taking place in the UK’s ports infrastructure, as we ready the market for offshore wind."