Scotland’s first wave park set to open in 2024 after £26m cash injection

Scotland’s first artificial surf park is set to open in summer 2024 after receiving a £26 million boost from the Scottish National Investment Bank (SNIB).

The Wavegarden Scotland project will see the derelict Craigpark Quarry at Ratho, near Edinburgh, transformed into a 23-hectare country park, promising more than 100 jobs.

Developers said the site will have underwater technology that can create 1,000 waves per hour, from slow-moving white water for beginners through to powerful barrels up to two metres high for experts.

The development, which was initially earmarked to open in spring last year, is also expected to have a restaurant, retail outlet, surf school, wellness spa, cafe and surf observation deck.

SNIB director Susan Campbell said: “This is an exciting, innovative and ambitious project.

“The bank’s backing will regenerate a derelict site, increase access to the natural environment, help to restore biodiversity and stimulate tourism.

“Once complete, Wavegarden Scotland will provide a world class outdoor facility for everyone to enjoy, enabling important health and well-being benefits as well as a nationally important leisure facility.

“The investment is a great example of the public and private sector collaborating successfully to unlock potential.”

A total of 45 lenders and local businesses have backed the project, including OakNorth Bank, which provided a £25.2 million loan, and support from BAE Systems Pension Fund IM, which will purchase the park through a sale and leaseback arrangement once construction is complete.

Andy Hadden, founder of Tartan Leisure, which is developing Wavegarden, said the result will be “a dynamic new leisure destination, whether you are in or out of the water”.

He added: “Having the backing of 45 local entrepreneurs and international shareholders, including Promenthean Investments LLP and Murray Capital, combined with the incredible support from the Scottish National Investment Bank, OakNorth and BAE Systems Pension Fund, has created what we believe is the optimum financial structure for this landmark destination.”

Wavegarden is a global surf technology brand.

It has more than 60 projects in development across the globe, seven facilities open and seven under construction across four continents.

SNIB is Scotland’s first development investment bank, wholly owned by the Scottish ministers on behalf of the people of Scotland.