Scotland unveils green energy fund

Oct. 11, 2012 at 7:43 AM

EDINBURGH, Scotland, Oct. 11 (UPI) -- The Scottish government announced it set up a multimillion-dollar fund to finance renewable energy projects in the country.

Scottish First Minister Alex Salmond announced the $164 million Renewable Energy Investment Fund could help attract more private investments in the renewable energy sector in his country.

"We are determined to ensure Scotland is among the world's key destinations for investment in low-carbon technologies, building on our long-established reputation in engineering, innovation and financial services," Salmond said in a statement.

The fund is designed to complement existing public and private sector financing and will be delivered through the Scottish Investment Bank. Salmond said the focus of the fund would be financing for wind and tidal energy projects.

Industry leaders described the fund as "a vital catalyst" to investment in Scotland's green energy sector.

Scotland has one of the most ambitious renewable energy programs in the world. The government aims to derive 100 percent of the country's electricity demand through renewable energy projects by 2020.

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