Progress for Scotland’s National Investment Bank

A new £13 million green energy investment has been announced by the Scottish National Investment Bank.

Marking the Bank’s first year of operation, the new finance will accelerate the delivery of the Iona Wind Partnership’s onshore wind project, powering 850,000 homes with clean renewable power.

Since its formation the Bank has built a mission-led investment portfolio and provided support to businesses investing in key areas of the Scottish economy. This includes companies developing satellite communications, thermal energy storage technology and tidal turbines.

Finance and Economy Secretary Kate Forbes said:

“The need for the Bank remains clear - to help drive financial innovation and channel public and private investment into areas of the economy which offer solutions to the biggest problems facing Scotland.

“It’s missions are supporting our just transition to net zero, improving places and allowing people to flourish through innovation. Having made a strong start in its first year, it is already delivering and investing in the technologies of the future.

“The Bank is focused on long term outcomes and has an essential role to play in combining public and private sector investment to tackle climate change.

“Working alongside our Global Capital Investment Plan, Inward Investment Plan and our expanding Green Investment Portfolio, the Bank showcases how this Government is addressing the need for public sector finances to leverage private investment into Scotland.

“We now have a cornerstone institution for Scotland’s long term prosperity.”

Background

The Scottish Government has committed to provide £1 billion capital for the Scottish National Investment Bank over the course of this Parliament, and £2 billion overall.