Scotland Launches Wind Energy Fund

---

Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Scotland is determined not to be left behind in the race for offshore windfarm investment by announcing an 80 million euro ($112 million) fund to improve its ports and infrastructure.

The decision comes just days after the U.K. government announced a similar fund of 69 million euros ($97 million) to develop the country's ports in order to attract offshore turbine manufacturing companies. Siemens Energy (Erlangen, Germany), General Electric Company (NYSE:GE) (Fairfield, Connecticut) and Spanish renewable energy company Gamesa Corporation SA (MCE:GAM) (Vitoria-Gasteiz, Spain) have confirmed plans to build turbine manufacturing plants in the U.K. For related news, see October 28, 2010, article - U.K. Leading Destination for Offshore Turbine Manufacturers.

In March, Mitsubishi Power Systems Europe Limited (London, England), a subsidiary of Mitsubishi Heavy Industries Limited (TYO:7011) (MHI) (Tokyo, Japan), announced that it is planning to invest about £100 million ($161 million) in a U.K.-based wind turbine research and development project by 2014. For related news, see March 1, 2010, article - United Kingdom Wind Market is Whirlwind of Activity.

Scotland's First Minister, Alex Salmond, launched the National Infrastructure Renewable Fund for port and manufacturing facilities, which will help strengthen the supply chain provision for manufacturing offshore wind turbines and related components. He believes the investment will lead to an estimated 28,000 jobs and 8.15 billion euros ($11.4 billion) in investments in the Scottish economy over the coming decade.

It is estimated that more than 7,000 offshore wind turbines will be constructed around the U.K. over the next decade.

"I'm pleased to welcome the renewables industry to Scotland, because we are a nation with considerable natural and human resources and the political will needed to deliver a green energy revolution that can build sustainable economic recovery and reduce Europe's carbon emissions," said Salmond when announcing the funding.

The First Minister also called on the U.K. government to remove the restrictions on immediate access to Scotland's Fossil Fuel Levy funds, so that the money can be invested in renewable energy projects.

"The Scottish Parliament has condemned the U.K. government's refusal to give unrestricted access to Scotland's £191 million ($307 million) Fossil Fuel Levy funds. Together with industry, we must and we will continue to press the Treasury to release these funds now due to Scotland. They remain vital for the development of offshore wind and marine power, for heat networks and technology to deliver our renewable heat targets, and vital to for our communities, so they can invest in and benefit from the green economy."

IIR's Renewable Energy Database provides extensive coverage on the wind energy, geothermal, hydroelectric, landfill gas-to-energy and utility-scale solar power plants throughout North America, and is now expanding coverage across the world.

Industrial Info Resources (IIR) is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. IIR's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.