The National Wealth Fund has provided a £38.4 million (US$52 million) loan to the City of Edinburgh Council to finance enabling works for the first phase of the Granton Waterfront regeneration project in Edinburgh, Scotland.

The project is a major brownfield regeneration scheme that will transform a former industrial site on Edinburgh’s northern waterfront into a new coastal community. The wider £1.3 billion regeneration programme is planned to deliver around 3,500 energy-efficient homes, alongside leisure facilities and Scotland’s largest coastal park. The NWF financing will fund enabling infrastructure, including land remediation, roads, utilities and public realm works. These works are intended to create serviced development plots and unlock a further £160 million of private-sector investment through the Council’s development partner. The first phase is already under way and is expected to deliver 847 homes, including 214 social homes, as well as a new primary school and space for 14 ground-floor retail units.