Home   News   Article

Inverness MP announces £100m renewables boost

By Andrew Dixon

Register for free to read more of the latest local news. It's easy and will only take a moment.

Click here to sign up to our free newsletters!
Danny Alexander
Danny Alexander

ADDITIONAL funding of £100 million for Scottish renewable energy projects has been announced by Inverness MP Danny Alexander.

The chief secretary to the treasury was joined by chancellor George Osbourne at Nigg, on the Cromarty Firth, where they revealed the cash boost which is forecast to drive the development of the sector, which includes marine renewables.

"Scotland is a world player in renewable energy and visiting Nigg today has highlighted the potential for developing this sector even further," Mr Alexander said.

"It has huge potential for creating jobs and driving growth over the next few years.

"I am very pleased to announce this £100 million in additional funding for the Scottish Government, which will directly help renewable and particularly marine energy development in Scotland.

"The UK Government is strongly committed to supporting the growth of this sector in Scotland in the long term."

It is in addition to the existing budget and spending plans of the Scottish Government, following an agreement which will allow Scottish ministers to access and spend half of the Scottish Fossil Fuel Levy fund, which currently holds around £200 million.

The remaining £100 million will be made available to support the capitalisation of the £3 billion UK-wide Green Investment Bank.

As any further funds become available in the Scottish Fossil Fuel Levy fund, they will be split equally between the two governments.

"The UK Coalition Government is committed to creating jobs across Scotland — particularly in the green energy sector," Mr Osbourne said.

"It’s great news that we have been able to cut through the arguments and the wrangling with the Scottish Government that have stopped this money being invested in the past. It shows how serious the UK Government is in its support for Scotland’s green future."

Do you want to respond to this article? If so, click here to submit your thoughts and they may be published in print.

This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies - Learn More