An expert team will help Scottish green energy projects secure funding from the Green Investment Bank (GIB) as it was launched yesterday.
The team, to be led by Marcia Campbell, former Group Operations Director of Standard Life, will identify and support potential Scottish bidders to make the strongest possible case for funding from the £3 billion publically funded Green Investment Bank.
The Bank will invest in offshore wind, waste management and non-domestic energy efficiency – but it will focus on projects that are ready for investor money. The group will help make sure Scottish projects are at this stage.
Launching the Scottish Green Investment Advisory Group, at the Pyramid, Loanhead, Energy Minister Fergus Ewing said Scottish projects should be first in line for funding.
Energy Minister Fergus Ewing said:
“This group will help Scottish renewable energy projects be at the front of the queue to secure funding from the Green Investment Bank – taking promising projects and helping them make sure their bid is as good as it can be.
“Launching this group on the day the Green Investment Bank officially opens its doors shows how determined the Scottish Government is to ensure Scotland gets the most possible benefit from the bank – after all, funding from the Fossil Fuel Levy, raised on Scotland’s oil and gas, has helped to capitalise the bank.
“Scotland leads the world in renewable energy. Not only do we have astounding green energy resources, but Edinburgh is the only location in the UK to bring together both finance and the clean energy industry in a single location, and has an unrivalled concentration of industry skills and experience. That’s why the Green Investment Bank is headquartered here, and it’s why our projects will lead the way when the Bank awards funding.”
Lord Smith of Kelvin, Chairman of the Green Investment Bank said:
“The UK Green Investment Bank were instrumental in establishing the Advisory Group concept and a number of our transaction team are already engaged with the group and working through early stage project information.
“This is a model that we will continue to support as it develops projects and a pipeline of potential investments.”
The expert team is a joint initiative between the Scottish Government and the Green Investment Bank.
Mrs Campbell said:
“This is a new and complex area with multiple stakeholders and many differing views. The advisory Group will act as a ‘glue’ to bring these elements together and create confidence in the Renewables sector for investors.”
The group are already working to review 83 projects from all over Scotland.
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Press release, November 29, 2012; Image: fergusewing