Confirmation of the investment came with the long-awaited announcement of the heads of terms for the Tay Cities Deal.

The University said the investment, the single largest ever secured by St Andrews, is a fundamental step to the realisation of its broader plans to create hundreds of new, high-value jobs and bring smart, sustainable industry to the area, founded on a low carbon future.

It is the University’s aim that up to 75% of the Eden Campus site will host a mix of science and technology-based industry and commerce activity underpinned by skills training services and mentoring programmes, access to high speed network for research (Janet), and reliable upgraded power and renewable heating supplies.

The investment breaks down as follows:

• Up to £7m to develop a dedicated infrastructure Primary Substation power upgrade providing all required power for Eden Campus at Guardbridge with full supply security, reliability and no risk of constraint;
• Up to £13.5m for the Scottish Centre for Clean Energy Storage and Conversion, which will address one of the world’s most important technology challenges, whilst presenting a unique opportunity for this region and Scotland to build on strengths in low-carbon innovation; and
• Up to £4m for the Eden Enterprise Hub, which will be developed as an innovation hub, diversifying the regional economy by developing sectoral specialisms and capitalising on the region’s universities by providing space for their spin-outs and start-ups. It will provide a range of business facilities as well as coaching, expertise and industry-specific guidance, and a dedicated Knowledge Transfer Centre.
• Subject to a robust business case, the Scottish Government will invest up to £2m alongside Fife Council in Eden Enterprise to establish a commercially viable business incubator that caters for spin out and start-up companies from the region’s Universities.

Principal Professor Sally Mapstone said: “At a time of wider national uncertainty, this is a very welcome vote of confidence in the potential of Scottish higher education and skills, and I am extremely grateful to the Quaestor, Derek Watson, and his team who have worked tirelessly for over a year to persuade government of our potential.”