Tidal turbine testing gets cash

Dec 13 2012

An Orkney-based firm is to press ahead with the development of a new-generation tidal turbine after securing £7.6 million in overseas funding.

The private investment from three global companies will fund the design, construction and testing of Scotrenewables's commercial-scale turbine known as SR2000.

First Minister Alex Salmond welcomed the announcement of the cash package from Norwegian shipping company Fred Olsen, French oil and gas multinational Total and Swiss technology giant ABB Technology Ventures.

It comes in addition to a £1.24 million grant from the Scottish Government.

Mr Salmond said: "Scotrenewables's announcement today is terrific news and a huge vote of confidence in the Scottish offshore renewables industry.

"Together with the Waters 2 grant they were awarded by the Scottish Government this summer, it will allow them to finance the design, construction, installation and testing of their new-generation, two-megawatt, commercial-scale tidal turbine."

Scotrenewables is one of five marine energy developers to secure grant awards totalling £7.9 million by the Waters 2 programme to further develop testing of new wave and tidal prototypes in the seas around Scotland.

Waters 2 is a venture between the Scottish Government, Scottish Enterprise and Highlands and Islands Enterprise, with funding from the European Regional Development Fund.

The First Minister said: "This deal brings in a substantial amount of private funding from overseas, more than £6 in foreign investment for every £1 of public money.

"It is another example of how public money can be used to leverage private investment and help support industry to reach evermore ambitious heights. I welcome this investment which is further evidence of Scotland surging ahead in the green energy revolution."