The bank has injected cash to support the project, which will create a manufacturing facility at the brownfield site of the former Hunterston Terminal in Ayrshire.
Once completed, the site will be able to produce thousands of kilometres of high-voltage direct current (HVDC) cables that are capable of transporting electricity over long distances.
Subscribe today for free
XLCC’s project previously received a £20 million investment from the UK Infrastructure Bank (UKIB) last September, a figure that could rise by a further £67 million, subject to hitting certain milestones.
Ian Douglas, CEO of XLCC, said: “We welcome the investment from the Scottish National Investment Bank as we deliver on our mission to provide the critical infrastructure that is essential to the energy transition.
“By 2030, demand for subsea cables is expected to be two and a half times greater than the supply. The Hunterston facility will help us meet this demand and bring highly skiled jobs to Ayrshire.”
The Scottish National Investment Bank’s investment in XLCC is part of the Scottish government’s pledge to invest up to £500 million over five years to anchor the country’s offshore wind supply chain.
Craig Stevens, investment director at the Bank, said: “Realising Scotland’s potential as a global clean energy producer depends on a robust local supply chain.
“XLCC is a critical component of that chain, enabling the transport and connectivity of our clean power. We are excited for the future of this company and the economic benefit it will bring to Scotland.”
Gillian Martin, the acting cabinet secretary for net zero and energy, said XLCC’s site will “not just help increase Scotland’s offshore wind manufacturing capability but support hundreds of high-quality green jobs and drive new growth across the local, regional and national economies as part of our net zero transformation”.
RELATED STORIES
UK Infrastructure Bank invests in subsea cable maker XLCC
Ofgem approves five North Sea power links to boost UK's energy connectivity
