Scottish Investment Bank bankrolls marine energy companies with £24.6m (but can’t say who they are)

Kerry Sharp, head of Scottish Investment Bank
Kerry Sharp, head of Scottish Investment Bank

Taxpayers pumped more than £32 million into Scottish energy projects over the past year through the Renewable Energy Investment Fund.

The money was channelled into 21 companies via the Scottish Investment Bank – the vast majority of which, totalling 18 projects, went to marine energy developments and community investments.

A total of £2.3m was spent in supporting three lower-cost energy production projects but most of the cash (£24.6m) was spent in supporting marine energy companies.

Kerry Sharp, Head of the Scottish Investment Bank, declined to specify the recipient companies, claiming commercial confidentiality.

This is in marked contrast to economic development loans and grants provided by numerous Scottish local councils – which not only disclose the names of the companies they have provided financial support to but also make a virtue of promoting such companies.

Pixie Energy

Pixie logo Pixie Energy is an incubator and a facilitator of strategic research and project work, focusing on energy regulation, policy and markets at the local and national level. Find out more about Pixie Energy here.

Local Energy Matters: Scotland

Local Energy Matters: Scotland is a free-to-download brochure with a focus on energy tariffs in the two Scottish electricity distribution regions, as well news on local energy and low-carbon schemes.

Previous editions can be download here.

Scottish energy market overview

You can read an overview of the Scottish energy market here.

Scottish Government energy feed