Scottish renewables industry delivers £2.8 billion investment

Posted at August 13, 2012 » By : » Categories : News » Comments Off on Scottish renewables industry delivers £2.8 billion investment

The Scottish renewable electricity industry has delivered some £2.8 billion of capital investment since 2009, according to figures from Scottish Renewables.

The statistics, Scotland’s Renewable Energy Sector in Numbers, published online on Friday show onshore leading the way with investment of over £1.6 billion, followed by offshore wind, which brought in £598 million.

Onshore wind delivers the best value for money, costing some £1.4 million per megawatt, with hydro and solar following at £2.3 million/MW and £2.75 million/MW, respectively.

The onshore wind sector is the most mature and the main source of investment, with its offshore compatriot the next biggest driver of spend, but its success will help boost emerging sectors.

The burgeoning wave and tidal sector, for example, brought just over £6.5 million, while solar photovoltaics accounted for over £200 million of investment.

Investment in biofuels now nearly matches investment in solar photovoltaics, delivering over £202 million in investment.

“These figures show Scotland’s renewables industry is very much bucking the economic trend,” says Niall Stuart, chief executive of Scottish Renewables. “At a time of sluggish growth, the renewable electricity sector is expanding by more than 10% a year, and now generates the equivalent of 35% of annual demand.”

The figures have been welcomed by WWF Scotland, which it says highlight the region as “the place to be” for green jobs and a low-carbon economy.

“[But] to ensure Scotland remains on track to a fully renewable future we need to see continued deployment of renewables alongside greater investment in energy efficiency, especially in our homes and workplaces,” says head of policy Dan Barlow.

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Related stories:
Scottish Government gives green light to 55 MW wind farm (13-Aug)
Scotland launches marine energy action plan (25-Jun)
Scotland beats 2011 renewable energy target (2-Apr)

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