Scotland started a 103 million pound ($165 million) fund to offer loans, loan guarantees and equity finance for renewable energy and spur investment in the industry as it seeks to get all its power from clean sources by 2020.
The fund will focus on wave power, tidal energy, community-owned projects and district heating projects, the government said today in an e-mailed statement. Its first transactions are expected to be completed by the fiscal year-end on March 31.
Scotland also plans to set-up an advisory group to support organisations seeking funds from the U.K. Green Investment Bank, it said, adding Scottish Enterprise invested in SSE Renewables Holdings Ltd.’s Hunterston offshore wind turbine test facility.
“This fund will help leverage further significant private finance into key areas of the renewables sector,” First Minister Alex Salmond said in the statement.