Funding news - 23/03/2012
Scottish Government to Launch £103 Million Renewable Energy Investment Fund
The Scottish Government has announced that it is to launch a new funding programme designed to complement existing funding from the Green Investment Bank (GIB).
The Renewable Energy Investment Fund (REFI) 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.
Rather than replicating existing grant and loan support, the scheme will instead focus on investment by offering new and innovative instruments which complement existing funding routes.
A total of £103 million has been set aside for the new scheme, which will be distributed as investment packages for individual projects. The fund will seek to leverage additional finance from other sources, and will be designed to have a legacy for many years to come as the money is repaid and reinvested. Specific funding levels to be awarded per project have yet to be confirmed.
Announcing the details of the new scheme, Energy Minister Fergus Ewing said:
"This £103 million Renewable Energy Investment Fund will allow communities all over Scotland to reap the benefits of our green energy revolution.
"Scotland has astounding green energy potential and vast natural resources, and we have a responsibility to make sure our nation seizes this opportunity to create tens of thousands of new jobs and secure billions of pounds of investment in our economy.
"This fund will help us make the most of our potential. Some have called on us to increase funding for marine technologies – this fund does that, demonstrates our commitment to marine and will ensure marine renewable projects become commercial realities. It will help ensure district heating is rolled out throughout Scotland, and will support communities developing their own local renewables projects.
"The fund will not replicate existing grant and loan support. Instead, it will focus on investment by offering new and innovative instruments which complement existing funding routes.
"That is what this fund is all about – investing money from the technologies of the past to secure our energy future."
Once fully operational, the Fund will be open to applications from businesses and community organisations operating in Scotland.
No deadlines have been set at this stage. Further details will be reported once they become available.
Source: Scottish Government, 22/03/2012