British port operator PD Ports has received a US$ 115 million funding package from Lloyds Bank to continue developing key infrastructure projects in the Northeast region.
PD Ports will use the investment to support an ongoing capital expenditure programme, which is targeted at expanding and developing ports and logistics assets at Middlesbrough’s Teesport.
The container terminal at Teesport, operated by PD Ports, processed 500,000 TEU in 2017, and handles over 4,000 vessels a year.
Lloyds’ new partnership with PD Ports is the latest North East infrastructure deal to be supported by the bank, with previous investments including the £700 million financing of a 299MW MGT biomass power station, situated on PD Ports’ land.
Lloyds Bank has also provided a £15m support package to the Port of Blyth, funding improvements to its terminal infrastructure and the construction of new warehousing.
Alison Smith, Business Development Director of Lloyds Bank, said: “This £90m funding package will enable PD Ports to future-proof its offering and ensure that it can continue to offer outstanding port and logistics services to businesses in the North East and across the United Kingdom.
“Thanks to the close co-operation of Dermot Russell and PD Ports’ CEO Frans Calje, we’ve been able to develop a detailed understanding of the business’ goals and draw on sector expertise from across our banking team, specifically our specialist Infrastructure & Project Finance team.”
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Dermot Russell, Group Chief Financial Officer of PD Ports, commented: “PD Ports has a recognised expertise in providing innovative and customer focussed ports and logistics solutions to a wide range of different customers.
“Our continued investment in infrastructure has allowed us to help our customers increase the efficiency of their global supply chains, and has delivered increased volumes through our assets.”