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    Scotland unveils new offshore wind technology fund

    News // September 30, 2011

    Reuters reports that Scotland's First Minister Alex Salmond announced a new 35 million offshore wind technology fund at the start of a two-day Scottish low carbon investment conference.

    Salmond also said Edinburgh-based Oyster wave energy developer Aquamarine Power had secured seven million pounds in new funding and a commitment of further investment from existing shareholders over the next two years to help the company into commercial production in 2014.

    "Last year's conference gave a clear focus on what was needed to provide optimum investment conditions for low carbon energy - from ensuring we brought offshore oil and gas expertise together with the renewables industry, to providing the right support to bring research and development to Scotland," Salmond said.

    "As developers and investors look across this global market for certainty and for leadership from government, they can look to Scotland to provide these things," he added.

    He said the new fund would "support production of full-scale prototypes of the next-generation offshore wind turbines."

    He added it aimed "to leverage up to a further 80 million of private investment to bring the production of full-scale prototypes to Scottish sites."

    Salmond said the new funding for Aquamarine Power comprised 3 million each from shareholders SSE Venture Capital and ABB, and 1 million from Scottish Enterprise through the Scottish Investment Bank.

    He said these investments would help achieve Scotland's aim of achieving its 2020 target of generating the equivalent of 100 percent of electricity demand from renewables.



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