The first in a series of strategic commercial investments in
Scotland's offshore wind supply chain has been delivered.
The Scottish Government investments - totalling up to £500
million over five years to boost private investment in the sector
by up to £1.5 billion - are being delivered by the Scottish
National Investment Bank, Scottish Enterprise and Highlands and
Islands Enterprise.
The investment supports delivery of the Green Industrial Strategy
which highlighted Scotland's wind economy as one of five priority
areas to secure growth and investment.
Acting Cabinet Secretary for Net Zero & Energy said:
“Stimulating private investment and providing market certainty
are central to ensuring that Scotland's vast and growing offshore
wind capabilities deliver economic growth, jobs and prosperity
across the country.
“It is precisely why the Scottish Government, working in
partnership with the Scottish National Investment Bank and our
enterprise agencies, is taking a strategic approach to attracting
investment to the infrastructure and facilities needed to turn
vision into reality.
“The Bank's investment in XLCC's subsea cable manufacturing
facility at Hunterston is the first in a series of game-changing
investments being made to help leverage £1.5 billion of private
investment through up to £500 million of Scottish Government
investment over five years.
“The project demonstrates Scotland's growing reputation as a
global centre of renewable energy, and the way in which the
Scottish Government is working in partnership with the public and
private sectors to deliver jobs, business and further economic
opportunities across the country.”
Note to Editors
The Scottish National Investment Bank (SNIB) has issued a news
release (Embargo 00:01 Wednesday 14 January) announcing £20m
investment in subsea cable manufacturer XLCC.
Background
The Green Industrial
Strategy
£150 million for offshore wind -
gov.scot
XLCC awarded £9 million Scottish
Enterprise grant to help build Net Zero industry hub
