Scottish Enterprise Invests Millions in Renewable Energy Sector

Energy Minister Fergus Ewing has announced that Scottish Enterprise will make a new £3.5 million ($5.9 Mln) investment in Scotland’s growing renewable energy sector.

Four projects are being supported through the enterprise agency’s Renewable Energy Investment Fund.

– Islay Energy Community Benefit Society will receive a £735k loan to install a community owned 330Kw turbine on the island, with the potential to power the equivalent of 300 homes.

– Edinburgh-based Nova Innovation has secured a £700k loan from REIF to support the first phase of the 0.5MW Shetland Tidal Array, believed to be the first deployment of a tidal energy array anywhere in the world. Scottish Enterprise is backing the project with a £1.2 million R&D grant that will lever in an additional £1.85 million of private sector investment.

– Fintry Development Trust, a body dedicated to making the village in Stirlingshire a zero-carbon, zero-waste community, is being supported with a £615k loan. It will help refinance a commercial agreement that gives the trust an income stream from the nearby Earlsburn Wind Farm. This income will be invested in local renewable projects.

– Inverness company AWS Ocean Energy has received a loan of £250k to support further development and testing of its AWS-III, a wave energy device which offers the prospect of wave energy on a farm scale. AWS also received support through the first round of WATERS funding.

In Aberdeen, attending the All-Energy Conference, Fergus Ewing said:

“This latest round of Scottish Enterprise funding underlines the Scottish Government’s commitment to Scotland’s growing renewables sector.

“Scotland is a world leader in deploying renewables technology. We have tremendous green energy potential and vast natural resources, about a quarter of Europe’s wind and tidal energy and 10% of its wave power.

“Clean, green energy is creating opportunities for communities across Scotland and delivering jobs and investment.”

Welcoming the investment, head of REIF Andrew Smith, said:

“These are really ambitious and exciting projects, which clearly demonstrate the wide range of initiatives that REIF was set up to support. They also show how by working with other funders we can leverage significant investment from the private sector.

“Scotland is fast gaining a global reputation for being at the forefront of developing and testing new technologies in the development of wind, wave and tidal energy, and all of these projects will make a real contribution to the ongoing development of the sector.”

Calum Davidson, Director of Energy and Low Carbon at Highlands and Islands Enterprise, said:

“The investment in each of these projects is particularly welcome given their pioneering nature and potential impact on economic and social development in the Highlands and Islands.

“Not only will they contribute to further development of wave, tidal and community owned renewable energy, but their innovative nature ensures that yet again Scotland remains firmly in the renewable energy spotlight.

“This is further demonstrated this week at All-Energy, where the largest regional presence is held by the Highlands and Islands.”

Press Release, May 22, 2014

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