Taxpayer-backed Scottish National Investment Bank unveils first deal in Outer Hebrides
“The deep water terminal plays a vital role in accelerating several industries and for growing the local economy” – Laura Fidao, SNIB
The taxpayer-backed Scottish National Investment Bank (SNIB) has sealed its first deal in the Outer Hebrides after providing £3.5 million towards a new linkspan at the port of Stornoway.
The port’s newly constructed deep water terminal has been built to facilitate larger ships, improve connectivity and create opportunities for local economic growth in the renewable energy, transport and cruise industries.
The new linkspan will strengthen port operations and is seen as a critical piece of infrastructure for the whole of Lewis and Harris. It will enhance the capacity and resilience of existing ferry services and facilitate the potential introduction of a dedicated freight ferry to the island.
Port bosses said the linkspan was also key to facilitating Scottish and Southern Electricity Network’s (SSEN) project to run a subsea cable from the port to the mainland.
SNIB’s funding complements several other development projects also underway at the port, including a £7.2m investment to upgrade Arnish Road. The development, led by the port, is supported by investment from SSEN Transmission and Highlands and Islands Enterprise to provide better access to industrial and port facilities.
Alex Macleod, chief executive at Stornoway Port, said: “The port is grateful for the bank’s support, which will enable us to deliver this piece of critical infrastructure. The investment reinforces the port’s role at the heart of the Outer Hebrides, ensuring it is a place where people, businesses and communities can thrive.
“Stornoway Port is fundamental to every aspect of daily life and economic activity on the islands, so strengthening its infrastructure is not just an operational upgrade, but a long-term commitment to resilience, prosperity and connectivity of our communities.”
Laura Fidao, investment director at SNIB, added: “The deep water terminal plays a vital role in accelerating several industries and for growing the local economy. The bank has worked closely with the port to understand and overcome current funding challenges due to its trust port status.
“The linkspan will open up a range of new opportunities for the port and the community, delivering lasting economic benefits for the Outer Hebrides.“
The Scottish government has committed to capitalising SNIB with £2 billion in its first ten years.
Comments
Want to join the conversation? Please or to comment on this article.