The Port of Blyth is investing GBP 12 million in terminal infrastructure and the construction of new warehousing, as well as strengthening quays and installing new cranes.
The investment will come through the new banking facility with Lloyds Bank, enabling the port to commence with the second phase of expansion.
Chief Executive of the Port, Martin Lawlor, said: “The new arrangement with Lloyd’s allows us to move swiftly forward with a number of important investments that are crucial to the Port’s ambitious growth plans.”
According to the port, this expansion has required a record level of investment set to support key developments to serve offshore wind clients, among other clients from the offshore energy, dry and liquid bulk sectors.
Oran Robson, Finance Director at Port of Blyth, said: “The potential at the Port across numerous sectors is huge, but to make the most of those opportunities and to ensure we continue to diversify our offering to protect the business’ long-term security, it’s crucial we invest now.”
Engagement in projects such as EDF’s Blyth Offshore Demonstrator wind farm and the North Sea Link interconnector with Norway continue to highlight the port’s progress, the port said, emphasizing that the new investments and developments will open new jobs.
“This series of developments will facilitate a large number of new jobs on Port land as we aim to double the number of those employed on site from 500 to over 1000 in five to ten years. These ventures will also act as a catalyst for growth in the local economy and will no doubt stimulate inward investment into the town,” Robson said.