Scotland opens £20 million low-carbon treasure chest

Illustration (Photo: Pixabay)

The Scottish government has called the low-carbon energy project developers to apply for a share of £20 million supplied through the Energy Investment Fund.

The Energy Investment Fund (EIF) provides funding for renewable and low-carbon energy solutions through flexible loans and equity investments, all on fully commercial terms.

A total of £20 million has been allocated to EIF for distribution by March 31, 2019, for the initiatives that increase community ownership of energy projects, and accelerate development of commercial low-carbon energy projects in Scotland.

Eligible projects must have a demonstrable funding gap, be located in Scotland and have the potential to provide economic benefits to the country, according to EIF.

Consideration will be given to both the short and long-term economic impact of projects, and will include a focus on both the fit with the Scottish government’s Energy Strategy and the impact.

Priority will be given to submissions received by July 20, 2018, while the submissions received after that date will also be considered depending on availability of budget.

Projects must be able to evidence the expected carbon emission reduction associated with the project and use no more than 20% fossil fuels – including gas – within the primary fuel source for generation projects.

The fund will not provide funding for R&D, feasibility or pre-development costs, according to the government.

EIF is a Scottish government fund managed and delivered by the Scottish Investment Bank. It builds on the success of the Renewable Energy Investment Fund, providing commercial investment for renewable and low carbon energy solutions.

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