First Minister welcomes SDIC to Scotland

First Minister Nicola Sturgeon today opened the new offices of Red Rock Power Limited, a subsidiary of State Development & Investment Corporation (SDIC) in Scotland.

SDIC, a Chinese state-owned investment holdings company plans to invest further in renewable developments in Scotland, building on its existing offshore wind projects.

On a visit to Red Rock Power’s new offices on Edinburgh’s Princes Street, the First Minister had a productive meeting with Mr Wang Huisheng, Chairman of the Board of SDIC, Mr Hu Gang, Chairman of SDIC Power Holdings Co. Ltd and other SDIC senior executives from China.

First Minister Nicola Sturgeon said:

“SDIC’s presence here is a vote of confidence in our renewables sector and we are committed to working closely with SDIC to support their investments in Scotland. We also want to identify opportunities for Scottish supply chain companies in the Chinese market and are keen to work with SDIC to stimulate more investment into Scotland. I hope this marks the start of a new and successful chapter for both SDIC and Scotland’s renewables sector.”

SDIC Chairman Wang Huisheng said:

“SDIC is keen to find more investment opportunities in Scotland and will try to be an excellent model in terms of the enterprise development, the co-operation between China and the West, good employee-employer relations and the good relationship between the government and businesses. We are looking forward to participating in more areas of Scottish economic development and contributing more to the prosperity of Scotland.”

Paul Lewis, Managing Director of Scottish Development International said:

“SDIC’s investment not only reinforces the global potential of our renewables sector, but also how attractive Scotland is to overseas investors. We’ve a well developed business ecosystem, competitive environment and world class skills base, which has helped us become the top performing location for inward investment in the UK outside of London. China in particular is a key market in terms of attracting this type of investment and we look forward to working closely with SDIC to support its ambitions in Scotland.”