10.10.12
Scotland launches £103m renewable energy fund
A £103m fund for renewable energy projects is to be launched, Scotland’s First Minister Alex Salmond is to announce.
The Renewable Energy Investment Fund (REIW) aims to attract more private investment to the sector, initially prioritising wave and tidal energy, as well as renewable district heating.
REIW will complement existing finance schemes, providing loan guarantees and equity finance alongside co-investment partners. It will be delivered by the Scottish Investment Bank, on behalf of government.
Niall Stuart, chief executive of trade body Scottish Renewables, said: “This £103m fund will inject much-needed investment into the development of the next generation of renewable technologies, such as marine energy and renewable heat.
“This kind of support can be a vital catalyst in attracting even greater levels of private investment.
“Scotland is already at the forefront of developing and testing emerging wave and tidal technologies and, with the correct level of government support, we can become a global centre of excellence in both the deployment of these technologies and their accompanying supply chains.”
The first deals are expected to be completed by the end of the financial year.
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Image c. Peter Ribbeck