The UK Infrastructure Bank has announced that its first loan, worth £ 107million, has been issued for a project to transform a former steelworks into an offshore wind maintenance facility.

The project, at South Bank Quay Teesworks in Teeside, which is already underway, will transform part of the former Redcar Steelworks site into a 450-meter-long quay to service the offshore wind sector, incorporating opportunities for manufacturing, storage and mobilization of wind technology. Entrepreneur Graham started at the site last month.

According to a bank statement, the project will support around 800 jobs.

South Bank Quay is part of the Teesworks Freeport project, which aims to become the UK’s first offshore wind hub. GE Renewable Energy plans to build a multi-million pound wind turbine blade manufacturing plant on the site. The wharf will facilitate the loading and shipping of the blades to the Dogger Bank wind farm, 80 miles offshore.

Graham’s work includes pulling out the dilapidated concrete and wooden jetties from the site’s old businesses and excavating two million tonnes of earth to create a deep-water mooring facility.

UK Infrastructure Bank CEO John Flint (photo) said: “I am very happy to announce our first transaction, only four months since our launch and one that so clearly matches our goals. South Bank Quay will not only boost economic activity in the region, but also represents a significant investment in the country’s future green technologies.

He added that the bank wants other local and regional organizations to get in touch so that it can help finance projects.

Earlier this month, Construction News reported that Transport for London had expressed concerns that it had not been told how to apply for the fund, while the Local Government Association said it was not yet aware of a loan offered to councils.

The bank declared today that it “engages with all the common communities, the decentralized administrations and a large number of local bodies”.

Tees Valley Mayor Ben Houchen said the investment would generate thousands of construction and long-term jobs at the site and is “another vote of confidence in our region.”

The bank was launched in June with an initial financial capacity of £ 22bn, of which £ 5bn for equity investments, with a maximum of £ 1.5bn available per year, £ 7bn £ 10bn for loans and £ 10bn in private sector loan guarantees, which will be capped at £ 2.5bn per year.

It is designed to replace some of the functions of the European Investment Bank in the post-Brexit era. Its annual funding is lower than that of its European predecessor, but the government has said it will be “more targeted”.