The £150 million ($203 million) investment aims to support offshore wind, clean energy, and advanced manufacturing, with an independent WSP study estimating up to 12,000 new jobs and £5.6 billion ($7.6 billion) in economic impact.
The project will be presented at the Port Investment Panel during London International Shipping Week on 17 September.
It has been endorsed by Transport Secretary Heidi Alexander and North East Mayor Kim McGuinness, who sees the development as a key part of the region’s clean energy and industrial growth strategy.
READ: Port of Tyne gains UK’s first electric foiling pilot boat
Located within an Industrial Strategy Zone, the site offers similar incentives to freeports, including Business Rates relief, enhanced capital allowances, and employer National Insurance relief.
The redevelopment includes 1 kilometre (1 km) of new and upgraded deep-water quay and a 230-acre development footprint.
Phase one—Howdon Quay—has been completed following a £6 million ($8 million) upgrade. It includes a 23,000 square foot warehouse and a dedicated berth, and is now operational.
READ: Port of Tyne names new Innovation Partnerships Manager
North East Mayor, Kim McGuinness, said: “The Port of Tyne’s clean energy terminal and deep-water dock will support our efforts to make the North East a hub for the green energy revolution. The site has huge potential to generate thousands of jobs and strengthen our offshore and renewables industries.”
Matt Beeton, CEO, Port of Tyne, stated: “Accelerating offshore wind, renewable energy and advanced manufacturing is a national priority. With Industrial Strategy Zone status and deep-water access, the Tyne Clean Energy Park is uniquely placed to support this UK-wide initiative.
“Phase one at Howdon Quay is complete, with a new warehouse and berth ready for business. We’re working with local and national partners to unlock the region’s potential and attract global investment.”
In August, the Port of Tyne hosted key UK and European stakeholders to share progress on the Green North Sea Shipping Corridor, a major initiative to decarbonise maritime transport between the UK and the Netherlands.