The UK Infrastructure Bank (UKIB) announced that it will provide approximately $22.3 million to HVDC subsea cable manufacturer XLCC toward building a factory in Hunterston, Scotland.

A press release said that the agreement also includes an option for as much as triple the initial funding. “The bank’s financing will help XLCC develop its factory in Hunterson, which when complete will have the capacity to produce thousands of km each year.”

The Hunterson plant is expected to create some 900 permanent jobs as well as many apprenticeships. “The (project will bring) significant investment to the U.K., creating highly skilled jobs in advanced manufacturing and project management for decades to come,” said XLCC CEO Ian Douglas. XLCC has already raised some $45 million for the project.