A £40 million finance package is helping a Pembrokeshire town develop as a leading destination to live, visit, play and enjoy.

The Port of Milford Haven is making a series of strategic investments thanks to a £40m finance package from HSBC UK.

The multi-million pound package will enable the port to strengthen its position as the UK’s largest energy port and further expand its diversification across hospitality and tourism and renewable energy.

The port has used some of the funds to redevelop a vacant retail unit which is now occupied by McDonald’s as well as to refinance Ty Milford Waterfront Hotel – a 100-bedroom hotel in Milford Haven operated by Celtic Collection.

Around 100,000 visitors a year already enjoy visiting the cafes, restaurants and array of independent retailers. The new, award-winning four-star hotel is supporting the port’s long-term diversification strategy and ambition to develop Milford Haven as a great place to both visit and live.

The port, which is an independent trust port with no shareholders, is also using the funds to expand its world-class pilotage capability through investment in a new premium pilot transfer vessel as well as in additional highly skilled staff and modernised assets and infrastructure.

At the port’s Pembroke Port facility, the funding is being used to modernise the historic dockyard to attract developers of marine renewable technologies and their supply chains.

The current ambition of 16.5GW of installed floating offshore wind in the Celtic Sea with potential of up to 24GW by 2050 will require over 1,000 turbines to be built, deployed, operated and maintained.

With 10 new turbines a month needing to be built for the next 20 years, there is a huge opportunity to anchor the supply chain in Pembrokeshire and create productive, well-paid jobs.

Across the business, the port has also invested in a number of sustainability initiatives including expanding its electric van fleet and installing LED lighting, further driving the business to become net-zero ahead of the government’s target of 2050.

“It’s an exciting time for the business as we firm up growth plans for the future, all of which are creating and enabling well-paid jobs across the region,” said Jonathan Chitty, chief financial officer at the Port of Milford Haven.

“We’re really pleased that our investments in Milford Haven have already created over 180 jobs. “As proud custodians of the Milford Haven Waterway, we’re investing to improve safety, resilience and sustainability, not just for our own business, but for the coastal communities we support and for our future generations.

“HSBC UK has been imperative in making this happen by understanding our business needs both now and into the future and working tirelessly to provide the optimum financing package for us.”

Simon Williams, relationship director at HSBC UK, added: “Pembroke Dock and Milford Haven play a very important role in the economic stability of the region, with the waterway supporting over 5,000 jobs in Wales.

“It’s great to see the trust port’s diversification into renewables and leisure, creating even more jobs that support the local economy.”