Jason Ford

Fund set to drive growth of renewable energy in Scotland

News

Scotland’s energy minister Fergus Ewing has announced a new £103m investment fund designed to drive the growth of renewable energy in the country.

The Renewable Energy Investment Fund (REIF) will initially focus on supporting communities and rural businesses to develop their own local renewable projects on supporting district heating and on supporting wave and tidal developers with the development and deployment of array projects.

According to a statement, the fund will seek to leverage additional finance from other sources and will be designed to have a legacy for many years as the money is repaid and reinvested.

The funding is in addition to the £200m already committed by the Scottish government in the Spending Review over the next three years, which includes funding to improve renewables infrastructure.  

The REIF will complement funding from the Green Investment Bank (GIB), which has also received a funding boost from the Fossil Fuel Levy in Scotland. While the GIB is designed for projects at a near-commercial stage, the REIF will be used to support projects at an earlier stage of development.

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