New research into the benefits of the Beatrice offshore wind farm shows the social and economic impact the project is expected to deliver.
With the assistance of NEF Consulting, SSE undertook a forecast Social Return on Investment (SROI) analysis for projects that applied to the first round of grant funding from the Beatrice Partnership Fund in 2017.
The SROI research found that for every GBP 1 invested in community projects, GBP 3.21 will be created in value for the community. The GBP 6 million Beatrice fund, which supports the advancement of community projects in the Highland and Moray regions, could create nearly GBP 20 million of social value when fully distributed.
In total, Beatrice provides GBP 34 million for community projects. The GBP 6 million Beatrice fund is managed by SSE’s Community Investment Team. A further GBP 28 million will be provided by BOWL over the lifetime of the wind farm to the Coastal Communities Fund.
Also, according to new economic modelling, the impact of the GBP 2.6 billion investment in BOWL is expected to add GBP 1.13 billion to UK GDP and support more than 18,100 years of full-time employment in the UK.
Scotland alone is expected to see a spend of GBP 530 million from the construction of the Beatrice project.
Paul Cooley , SSE Head of Generation Development, said: “The findings of the report show that our spending on the project will not just benefit the wider UK supply chain, but also the Scottish supply chain and the local communities near the wind farm. This research offered SSE their first chance to understand the social return on investment of the community fund, and we were thrilled to see that the fund should help create more value for the community.”