The Scottish government has launched a multimillion-pound renewable energy investment fund (REIF) that aims to stimulate greater levels of private finance in clean energy projects in Scotland.
Initial priorities for the REIF are wave and tidal energy, community-owned renewables and renewable district heating, as well as other projects that focus on innovative renewable energy technologies.
One of the projects announced under the program is a new facility that will test offshore wind turbine prototypes.
The fund is designed to complement existing public- and private-sector finance schemes available in Scotland, providing investment deals typically involving loans, loan guarantees and equity finance alongside co-investment partners.
The fund will be delivered by the Scottish Investment Bank on behalf of the Scottish government and its enterprise agencies, with the first deals expected to be completed by the end of the financial year.