The Crown Estate: Investment in Scottish Offshore Renewables Rises
The 2014 Crown Estate Scotland Report, published today, shows a 13.6% increase on net capital investment to £5 million, with a significant proportion of overall investment over the year supporting Scotland’s emerging low-carbon energy industry.
The total capital investment in Scotland over the last four years now totals £33.1 million. In 2013/14, £5.7 million was invested in the Energy and Infrastructure portfolio including offshore wind, wave and tidal power, and carbon capture and storage (CCS). This investment was designed to support projects at key stages in their development and help unlock future investment from industry by demonstrating the commercial potential of nascent technologies.
Overall revenues in Scotland remained strong at £13.6 million, in line with last year’s figure, representing 4 per cent of the UK total. The total value of The Crown Estate in Scotland is £267 million, 3% of the UK total.
In the last two years, revenue from offshore renewables in Scotland has totalled £1.4m, whilst over £11.6m was invested in the Energy and Infrastructure portfolio, demonstrating our on-going commitment to facilitating growth in the sector.
The Crown Estate Chief Executive Alison Nimmo said: “Our commitment to investing in Scotland has been at the heart of another successful year. Our energy portfolio has been a major focus for us and we have invested significantly, supporting Scotland’s ambitions to capitalise on its world leading offshore resources. Likewise, our expertise and capital continue to help to unlock potential on coastal assets to benefit local partners and businesses.”
The Crown Estate’s Scottish Commissioner, Gareth Baird, said: “Our dedicated team has continued to work with government and industry, deploying our capital, skills and expertise to create long-term value and helping communities realise their ambitions for valued local assets. This collaborative approach is what continues to create value for our business, for our partners and for the communities of which we are a part.”