Monday 26 February 2024

Scotland secures £350m investment boost

Scotland secures £350m investment boost

A funding package has been agreed to bring £350 million of inward investment to Scotland's Highlands, with Sumitomo Electric UK Power Cables Ltd planning to establish operations in the region's offshore wind energy sector.

The Scottish Government, along with Highlands and Islands Enterprise (HIE) and Scottish Enterprise (SE), has greenlit up to £24.5 million in public sector support to facilitate the project.

The investment will encompass various aspects, including plant and equipment investment, the construction of a new purpose-built factory and long term land leasing and associated costs.

Expected to generate around 330 jobs in Scotland over the next decade, with 265 of them concentrated in the Highlands and Islands, this project is poised to stimulate significant economic activity across regional, Scottish and UK supply chains.

Wellbeing Economy, Net Zero and Energy Secretary Màiri McAllan said: "This major investment in the Highlands will support the delivery of the First Minister’s flagship commitment of up to £500 million over five years to anchor our offshore wind supply chain and create good, green jobs."

Yasuyuki Shibata, Chairman of Sumitomo Electric UK Power Cables, said: "We look forward to actively contributing to the local economy, through direct and indirect job creation, and to becoming an integral and active member of the Highland community.

"Product from our factory will not only be of the highest quality but will form a vital contribution to the supply chain, as Scotland and the UK deliver their net zero energy ambitions."

Written by

Sumit Bose

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