Scotland launches £103m renewables fund

Scotland has launched a £103m ($163m) investment fund to drive the growth of renewable energy.

The fund will give financial backing to wave and tidal developments, district heating, and help communities and rural businesses to develop their own local renewable projects.

It is intended to complement the UK’s Edinburgh-based Green Investment Bank (GIB), which Chancellor George Osborne this week said will be “open for business” next month.

While the GIB is designed for projects at a near commercial stage, the Renewable Energy Investment Fund will be used to support schemes at an earlier stage of development.

Scotland’s energy minister Fergus Ewing said: “This fund will help us make the most of our potential. Some have called on us to increase funding for marine technologies – this fund does that, demonstrates our commitment to marine and will ensure marine renewable projects become commercial realities.”

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