Friday 23 March 2012

Scottish fund gives £103m to rural renewables

Scottish country communities got a green perk yesterday when Scotland's Energy Minister announced a new £103 million funding pot for rural renewable energy projects.

It follows £200 million committed in Scotland's last Spending Review for research and development and improving renewables infrastructure.

The Renewable Energy Investment Fund (REIF) will initially focus on supporting communities and rural businesses to develop their own local renewable projects.

It is also meant to support district heating and wave and tidal developers with the development and deployment of array projects.

Energy Minister Fergus Ewing said the REIF "will allow communities all over Scotland to reap the benefits of our green energy revolution".

The REIF pot will sit alongside funding from the Green Investment Bank (GIB), which will begin lending next month to "near commercial" projects. The REIF will give a hand up to projects at an earlier stage of development.