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Monday 8 November 2010

Salmond unveils new renewables fund

Scotland's First Minister Alex  Salmond has opened a new £70 million investment fund to help power up the offshore renewables industry.

In Glasgow Salmond declared that the National Renewables Infrastructure Fund, which has been established by the Scottish Parliament to provide money for port upgrades and manufacturing facilities, will help deliver an estimated £7.1 Bn in value to the Scottish economy over the next 10 years.

Scottish Enterprise, and Highlands and Islands Enterprise are making the funding available through until 2015, it was revealed at a wind energy conference in Glasgow.

“Our National Renewables Infrastructure Plan has already established the most immediate needs. Together with Scottish Enterprise and Highlands & Islands Enterprise, we are determined to stimulate the market and act decisively to trigger vital capital investment and launch the next phase of Scotland’s renewables revolution,” Salmond declared in a statement issued at the event in Glasgow.

Alex Paterson, chief executive of Highlands and Islands Enterprise added: “As well as the north and west of Scotland having significant planned offshore wind capacity, the Highlands and Islands are at the forefront of the development of marine renewables, both wave and tidal.

“The development of the Highlands and Islands port and harbour facilities and manufacturing capacity will underpin the commercialisation of the marine energy sector in Scotland,” he said.

Port and other site owners and wind energy developers are being initially invited to apply for funding under the new programme by 10 December, and bids for cash from developers, manufacturers and site owners acting together are also allowed. Cash from the Fund will be directed towards projects which improve renewable energy infrastructure related to manufacturing or test or demonstration facilities.

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