New Scottish Fund Invests in Renewable Energy

The Sigma Sustainable Energies Fund, a new GBP 6 million fund to support renewable energy developments in the East of Scotland, is being financed by a range of partners to stimulate growth in the fast-growing renewables sector.

“Scotland has incredible potential to be a world leader in green energy and we have a target of 40 percent of our electricity to come from renewable sources by 2020,” said Deputy First Minister Nicol Stephen. “We have world class universities and research facilities; skills and technology from our offshore energy industry; and many innovative and enterprising developers and companies.” The fund, which will cover areas in the East of Scotland, will run until the end of 2008. It will consider energy- related projects in a wide range of fields including wind, solar, hydro-electric, biomass (including biofuels), ocean, hydrogen and geothermal. The fund will also consider projects that develop home and community power systems, fuel cells and energy storage (devices and physical storage), and control systems and energy efficient products or applications. “Ocean Power Delivery (OPD) is already setting the pace for wave energy. It is exporting its Pelamis wave devices to Portugal, using Scottish skills to make it happen. I now want to see more Scottish companies exploiting the opportunities that exist. I have already announced GBP 20 million for clean, green energy products and this new Sigma fund will further strengthen Scotland’s position,” added Stephen.

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