The £6.5 million Orkney Research and Innovation facility will be built on a 3.75-acre campus to help the expansion of Orkney's marine renewables, energy and low carbon sector.
HIE will provide £5.15m towards the scheme, including £1.48m from the European Regional Development Fund (ERDF). In addition, OIC will allocate £1.5m in funding, as well as transferring the ownership of the Old Academy and former Stromness primary school to the partnership.
The two adjoining buildings will be refurbished, updated and extended to create the new campus, which aims to attract academic institutions and businesses with an interest in carrying out a wide range of research projects in an island setting.
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The Old Academy is already home to the European Marine Energy Centre, Heriot Watt University's International Centre for Island Technology, environmental consultants Aquatera and number of other businesses.
Following funding agreements, a planning application will be submitted with work to create the Campus beginning on site before the end of this year.
Welcoming the announcement, Economy Secretary Keith Brown said: "I'm pleased to support this investment to support existing and new SMEs based in the Islands. We made clear in both our Economic Strategy and Programme for Government the importance of investing in rural areas. I'm sure that this investment will increase the competitiveness of Orkney Islands in the marine renewables sector, encourage business diversification, growth, inward investment and foster international partnerships."
Graeme Harrison, HIE area manager in Orkney, added: "This is a huge investment in Orkney's future business and academic infrastructure, the impacts of which will be felt across Orkney. It will support the growth of existing businesses and the creation of new enterprises.
"Crucially, it will provide more opportunities to attract and retain young people looking to live, work and study in the islands. We are delighted to offer support and look forward to a long term partnership with Orkney Islands Council in bringing this important development to fruition."
(LM/MH)
