£24.5m funding to secure £350m inward investment project

A funding package has been agreed to secure an estimated £350m in inward investment for Scotland, based in the Highlands. Sumitomo Electric UK Power Cables Ltd (SEUK), a subsidiary of Japanese company Sumitomo Electric Industries Ltd (SEI) is planning to establish major operations in the region, supplying high voltage cables to the growing offshore wind energy sector. The Scottish Government, Highlands and Islands Enterprise (HIE) and Scottish Enterprise (SE) have approved up to £24.5m in public sector support to secure the project. This includes creating around 330 jobs in Scotland over the next ten years, 265 of which will be in the Highlands and Islands including 156 well paid manufacturing jobs on site. The project includes plant and equipment investment, construction of a new purpose-built factory, and long-term land leasing and associated costs.