National investment bank backs offshore wind farm

The Scottish National Investment Bank (SNIB) has made its first investment in an offshore wind farm, “sending a strong signal to the market”, according to the Deputy First Minister.

The £50 million investment in the Pentland Floating Offshore Wind Farm was announced on Wednesday, and sees the SNIB join GB Energy and the National Wealth Fund in investing.

At its peak, it is hoped the project will provide power for up to 70,000 homes, as well as 1,000 jobs in the construction phase.

Speaking ahead of the announcement, Deputy First Minister Kate Forbes said: “This is the Bank’s first direct investment in an offshore wind farm, sending a strong signal to the market that floating wind is of critical importance for Scotland’s energy transition, our supply chain and our economy.

“This means the Bank can work closely with the developer to support the Scottish supply chain, enhance innovation, boost local job opportunities and receive financial returns.

“The Scottish Government is doing everything within its power to realise the once-in-a-generation opportunity presented by offshore wind in terms of jobs, innovation, skills and a just transition to net zero.

“This is why we are investing up to £500 million over five years to create a highly productive, competitive offshore wind economy.”