ETZ Ltd enters £1.5 million joint venture to refurbish second ‘wind campus’ property as investment interest in Energy Transition Zone increases.
ETZ Ltd, the not-for-profit organisation spearheading the North East of Scotland’s energy transition ambition, has entered a £1.5 million deal with West Coast Estates Ltd to redevelop and refurbish a second property in the Energy Transition Zone’s Wind Campus in Alten’s Industrial Estate.
The investment in the W-Zero-2 Building (formerly 1 Minto Drive) willl trigger much needed revitalisation of the 2000 sq. m. brownfield property, making it purpose built for high value manufacturing and supply chain companies seeking to service the offshore wind industry.
The deal was announced as ETZ Ltd prepares to formally launch its W-Zero-1 building (formerly Richard Irvin House) which, following a comprehensive refurbishment, will be home to the ORE-Catapult National Floating Wind Innovation Centre.
The £9 million centre, announced last year by then First Minister Nicola Sturgeon MSP, is being developed to ensure the North East of Scotland capitalises on the massive opportunity created by the Scotwind and INTOG leasing rounds, which will drive the development and demand for floating offshore wind.
W-Zero-1 is also the new headquarters of Trojan Energy, one of Scotland’s fastest growing cleantech businesses that manufactures its very own electric vehicle charging system. With the firm expected to increase its workforce at the new facility alongside new tenants expected to be confirmed in the coming weeks, the manufacturing and workshop space available is now fully let.
ETZ Ltd has responded to the increasing demand for bespoke and purpose-built energy transition properties that align with a clear net zero framework by striking the deal for W-Zero-2. Work on the building will commence immediately with its opening anticipated in the first half of 2024.
Neil Young, ETZ Ltd Land & Planning Director, said:
“ETZ Ltd is supporting the widespread delivery of new and refurbished property and development sites suitable for companies seeking to locate and invest in the Energy Transition Zone.
“In the Wind Campus at Altens alone, we have taken forward the refurbishment of W-Zero-1, which will become, in collaboration with ORE Catapult, the National Floating Wind Innovation Centre. It is already attracting businesses seeking to capitalise on the vast opportunities provided by this emerging sector, and the building is nearing capacity, which is hugely encouraging and hopefully a sign of things to come.
“We have responded to this clear demand and are accelerating our comprehensive investment programme to deliver market-ready properties and sites for high-value manufacturing and the wider energy supply chain. Our ‘brownfield first’ approach means W-Zero-2 is an ideal building that meets these requirements and I’m confident that, on completion, it will also act as a catalyst for new investment and jobs as we accelerate this region’s energy transition ambition.”
West Coast Estates, said:
“The North East of Scotland is undergoing a remarkable transformation as it seeks to capitalise on the massive opportunities afforded by new and green energies. We have certainly picked up a certain buzz around the city and region and there is definitely increased interest from businesses across the country seeking to invest in the Energy Transition Zone.
“That is precisely why we have chosen to partner with ETZ Ltd to develop W-Zero-2 and I firmly believe this marks the exciting and early steps in the rejuvenation of not only Altens Industrial Estate, but the wider Aberdeen economy as well.”