£100m announced for Scottish renewables
A deal between the UK and Scottish governments will see renewables energy projects north of the border get £100m in extra funding.
Today (November 11) chancellor, George Osborne, and Treasury chief secretary Danny Alexander, visited Nigg on the Cromarty Firth, where they announced the funding for Scottish renewable energy.
The funding, which is on top of the existing renewables budget, comes from the proceeds of the Scottish Fossil Fuel Levy (SFFL) fund.
In an agreement between leaders from London and Edinburgh the Scottish Government will be now able to spend half of the SFFL, which currently holds around £200m.
The remaining £100m will be made available to support the capitalisation of the £3 billion UK-wide Green Investment Bank.
Mr Osborne said: “Today the UK Government is making sure it gives certainty to the renewable sector in Scotland by providing an additional £100m in funding.
“The coalition is committed to creating jobs across Scotland – particularly in the green energy sector.
“It’s great news we have been able to cut through the arguments and the wrangling with the Scottish Government that have stopped this money being invested in the past.
“It shows how serious the UK Government is in its support for Scotland’s green future.”
Mr Alexander added the funding would be a boost to Scotland’s marine energy sector.
Financial advisors Grant Thornton hailed the move as offering stability to a sector ‘unsettled’ by a number of recent cuts.
Grant Thornton energy, environment and sustainability partner, Nathan Goode, said: “The recent amends to Solar FITs have unsettled many and this announcement will go some way to rebuilding trust.
“The key challenge now is to spend the money in a way that achieves measurable progress towards commercialisation.”
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