Renewables fund

THE SCOTTISH government has created a new £103 million investment fund to drive the growth of renewable energy in Scotland.

The Renewable Energy Investment Fund (REIF) will initially focus on supporting communities and rural businesses to develop their own local renewable projects, on supporting district heating, and on supporting wave and tidal developers with the development and deployment of array projects.

The fund will seek to leverage additional finance from other sources, and will be designed to have a legacy for many years to come as the money is repaid and reinvested.

Alongside the REIF, energy minister Fergus Ewing also announced a further £2 million support for community renewables for 2012-13. This is to build on the existing Community and Renewable Energy Scheme (CARES) while arrangements are made to support community projects through REIF.

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