Inverness and Cromarty Firth Green Freeport (ICFGF) is considered by many to be the most significant opportunity in decades for the Highlands. An opportunity to create jobs, reverse the depopulation of the region’s rural communities, and play a role in Scotland and the UK’s journey to net zero through the creation of a renewable energy hub.

In June, the Scottish and UK Governments approved the full business case for ICFGF, paving the way to unlock up to £25 million of seed funding, which the Freeport and its participants will benefit from.

The concept of a green freeport is unfamiliar territory for many, so it’s understandable that businesses are asking: “what do the opportunities look like for me?”

The good news is, the opportunities are plenty and the range is vast. Some are obvious, such as the tax driven benefits, but some are less so and arise as a knock-on effect of what others are doing in the Freeport, and the demands that are created in the commercial ecosystem.

In ICFGF itself, the facilitation of offshore wind, floating wind and green hydrogen projects has occupied much of the conversation. The fabrication, assembly and maintenance of offshore structures will require people to carry out these processes, while any plans to house a hydrogen plant at the Freeport – such as The Cromarty Hydrogen Project – will need to be powered by electricity, from whatever source is decided as most suitable.

A strong supply chain will be necessary, both on and off-site. Warehouses, factories and purpose-built yards need to be built, while materials and equipment will require transportation into and out of, the Freeport.

People will be crucial to initial set-ups and ongoing operations – electricians, builders and the rest of the trades world too, architects, planners, and engineers. Those who specialise in data processing, analysis and reporting will play an important role, as will the marine technology sector. And for all those workforces operating on-site at ICFGF, let’s not forget the day-to-day services needed - catering, electric vehicle charging stations and bus routes, to name a few.

There will be leasing and sales opportunities too, for land and property near to the Freeport or on the routes that lead to it. Whether it's available laydown space or use of an outbuilding, businesses will need somewhere to store their tools, equipment, materials and vehicles.

And then there are the ‘less obvious’ opportunities that are on the horizon. These are the opportunities that arise indirectly from ICFGF becoming operational and attracting more people to the region; some who will come here on a temporary basis while they are contracted to fulfil a role or carry out a project, and others who will live here permanently.

What do people require? Somewhere to live or stay. Housing, hotels, guesthouses, bed and breakfasts.

They need services too. Public transport, private transport, tour operators, taxis, car hire, schools, healthcare. And then there are all the other services and facilities that are needed on a day-to-day basis. Access to sports, leisure, and activities to enjoy during their downtime, food and drink venues, shopping facilities, entertainment…a non-exhaustive list but full of opportunity for the local region.

If you already provide a service locally, or are considering starting up a business, pay attention to what's happening at the Freeport to determine whether it impacts your target client base, the timing of launching a new business, or pivoting or expanding an existing service.

Think about what you need to move your plan forward – sourcing investment, seeking legal advice, investigating planning rules and permissions, training employees or hiring more people.

It's also worth thinking about how your business, service or product is currently, or can be more, green. Banks and investors are increasingly focused on supporting sustainable ventures and businesses that contribute to the UK's net zero objectives, so make sure you are clear in how your business meets, or plans to meet, that criteria.

Finally, engage with the right people. The team at ICFGF is supportive of anyone keen to be part of the Freeport's future. Its innovation and training hub - The Powerhouse - is a good place to start having conversations.

Download our freeport ‘fit’ guide to help identify the opportunities for you, your business and your land.

Laura Petrie is a partner at Brodies LLP, specialising in the energy sector.

Contributor

Laura Petrie

Partner