Banks working together to accelerate Scottish projects

01/05/2024
Left to Right: Helen Williams, Chief Strategy and Policy Officer, UKIB; David Ritchie, Head of Partnerships and Engagement, SNIB (Photo: Nick Mailer)

THE Scottish National Investment Bank (SNIB) and the UK Infrastructure Bank (UKIB) have signed a Memorandum of Understanding (MOU) that cements their close working relationship and shared ambition to attract additional private investment into Scotland.

Both banks are government owned yet operate independently to invest public capital on a commercial basis to deliver wider social, environmental, and economic impacts.

Through the MOU, the banks will continue to share sector insights and intelligence, impact analysis, thought leadership and development opportunities which will be beneficial to both organisations in meeting their policy objectives. Whilst the Banks will continue to support separate projects in Scotland, in line with their individual mandates, the MoU will help facilitate discussions on opportunities that would benefit from co-financing by both parties.

Speaking about the development, SNIB CEO Al Denholm commented: “We’re delighted to strengthen our working relationship with UKIB and deliver more for the people of Scotland. We both recognise that cooperation and collaboration can leverage our investment impact and we are excited to build on the good work we have already done together.”

UKIB CEO John Flint added: ”We look forward to working more closely with the Scottish National Investment Bank and drawing on their insight into the local market to accelerate investment opportunities in Scotland.”

SNIB invests in Scottish businesses, projects and communities to deliver long-term environmental, social and financial returns for the people of Scotland. It finances businesses and projects in Scotland that have debt or equity requirements between £1m and £50m and align to the Bank’s missions of achieving a just transition to net zero, improving equality and opportunity, and harnessing innovation.

UKIB has £22bn to deploy in infrastructure projects which tackle climate change and drive regional and local economic growth, across the whole of the UK. This includes £4bn for local authorities with eligible projects, with a minimum ticket size of £5m, alongside commercial and financial advisory services. For private sector transactions, UKIB has a minimum ticket size of £25m.

Since their respective launches the banks have collaborated on the development of the offshore wind industry, and the MOU is designed to create more opportunities to unlock strategic opportunities and attract private investment into Scotland.

The latest stories