NEW RENEWABLE ENERGY FUND

Wave Power

In Scotland, First Minister Alex Salmond has launched a £103 million pound fund for Scottish renewable energy projects. The Renewable Energy Investment Fund (REIF) is designed to attract more private investment to the sector, its priorities include wave and tidal energy, and renewable district heating. Mr Salmond announced plans to set up an advisory group to support those seeking finance from the new UK Green Investment Bank and £4.3m funding for SSE's offshore turbine test facility. The Scottish government also plans to invest in the Hunterston offshore wind turbine test facility.

REIF  was set up following a deal between the UK Treasury and the Scottish government over the release of funds from the fossil fuel levy. The levy was originally introduced in Scotland back in 1996  to raise money from traditional energy sources to invest in renewable power. The new fund aims to complement existing public and private sector finance schemes in Scotland, by providing loan guarantees and equity finance alongside co-investment partners. REIF will be delivered by the Scottish Investment Bank on behalf of the Scottish government and its enterprise agencies, with the first deals expected to be completed by the end of the financial year.

Now that’s sounds like a good plan to me...