A port in the north of Scotland, UK, has acquired $374m (£300m) from a US private equity firm to fund its development from a former oil and gas centre into a wind power hub.
Ardersier port will become a site for North Sea wind developments, having formerly closed 20 years ago. The site spans 450 acres and will be used to deploy wind turbines and decommission oil and gas platforms.
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The investment comes from private equity firm Quantum Energy Partners, which invests exclusively in energy projects.
The UK government’s Powering Up Britain policy seeks to develop up to 50GW of offshore wind by the year 2030. Given its declining role in the oil and gas industry and proximity to the North Sea, Scotland is expected to be a key site of investment.
Former BP executive Lewis Gillies has been appointed chief executive of the port’s new parent company, Haventus. The $374m scheme represents 10% of all private equity deals done in Scotland in the past year.
Dredging work has already begun for the creation of the quay, which will facilitate the decommissioning of disused oil and gas platforms.
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By GlobalData“European hub for offshore renewable energy”
Quantum partner Michael MacDougall said that the development’s “scale and geographical location means it is ideally positioned to become a leading European hub for offshore renewable energy”. Gilles also predicted that the development will result in “a huge number of much-needed jobs” for the local economy.
Around 28GW of offshore wind are planned in Scottish waters to be deployed over the next decade under the ScotWind scheme.
The news comes as European leaders, including the UK’s energy minister, are meeting in Belgium today at the North Sea Summit, which seeks to vastly increase the offshore wind capacity of the North Sea, making it a “renewable powerhouse” for Europe. Industry figures have, however, warned that greater investment from governments will be needed if deployment targets are to be met.
