Bussiness
Cabling factory to go ahead in Ayrshire after UKIB funds £87m
Hello and welcome to our daily digest of business, financial and economic news from around Scotland.
1. Plans for a huge cabling factory have moved forward after an agreement for the UK Infrastructure Bank (UKIB) to provide up to £87 million of funding.
XLCC, which has previously raised £40 million of financing through various sources, hopes to create 900 permanent jobs at the subsea cable manufacturing facility at Hunterston in Ayrshire and has already received planning permission.
Construction work is now expected to begin next year.
The factory will be located in Ayrshire, with construction work expected to begin next year
UKIB is putting in an initial £20 million with options for a further £67 million depending on when certain milestones are achieved.
John Flint, the UKIB chief executive, said: “Industry projections indicate that demand for subsea cables will soon
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