Up to GBP 500 million will leverage private investment in ports, manufacturing, and assembly work to support major supply chain opportunities to Scotland, the First Minister has announced.
The strategic investment could help create thousands of green jobs and deliver the full economic potential of offshore renewables projects set to be delivered over the next five years.
Scotland’s offshore wind capabilities are anticipated to rapidly accelerate over the coming years, according to the Scottish Government, with ScotWind expected to deliver up to GBP 25 billion (around EUR 29 billion) of investment across the country’s supply chain.
“Scottish ports are the lynchpin for our offshore renewable ambitions and investing in this critical infrastructure will ensure the nation benefits from the fresh economic investment and regeneration opportunities a home-grown clean energy supply chain brings,” said the Prime Minister.
Investment is expected to be delivered through the Scottish National Investment Bank and enterprise agencies.
“Market certainty is crucial for the supply chain and this strategic investment underlines our focus on supporting a highly productive, competitive economy,” according to the Prime Minister.
“This investment must now be met by addressing calls from industry for the next round of the Contract for Difference allocations to deliver Scottish projects at scale, and for grid infrastructure to meet the enormous potential Scotland’s energy transition holds.”
Recently, a report from the Offshore Wind Industry Council outlined that the UK offshore wind supply chain has the potential to deliver more than GBP 92 billion (about EUR 106 billion) of value to the UK economy by 2040.
