Tuesday 28 January 2014

Investment in Scottish offshore wind sector halved

Investment in Scottish offshore wind sector halved

Major developers have more than halved their spending in Scotland’s offshore wind industry.

New figures reveal only £28.9 million was spent last year by offshore wind companies compared to £63.6 million in 2012.

Trade body Scottish Renewables blamed the slump on the failure of planning authorities to approve wind farms and warned the sector could be threatened by an “investment hiatus”.

It said the 55% reduction in investment in one year was a cause for concern not only for the sector but for both the Scottish and UK Governments.

Lindsay Leask, Senior Policy Manager for Scottish Renewables said: “Uncertainty throughout the industry is growing as none of the major projects planned for Scottish waters have had their planning applications determined yet and the details around accessing market incentives are still unclear.

“With around 5GW of potential offshore wind development in planning - enough to meet the annual demand of 3 million homes – we can’t afford to see these projects and the investment decisions related to them, left in limbo.”

She added the industry body will be working with governments to ensure developers get the certainty they need to unlock more investment.

Written by

Bruna Pinhoni

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