Green bank loan for sub-sea cable? 6/9/13
The Green Investment Bank has said it will consider providing investment for electricity interconnectors to Scotland’s islands.
The commitment was given to Highlands and Islands SNP MSP Mike Mackenzie at the Scottish Parliament’s economy committee.
This week the government funded Green Investment Bank, whose mission is to accelerate greener economic projects, was criticised for not investing in Scotland - despite having its headquarters in Edinburgh,.
There are also concerns it is ignoring small community projects.
However, its chief executive Sean Kingsbury indicated that underwater cables linking island windfarms to the mainland energy network seemed a suitable idea for lending.
MSP Mike Mackenzie said: “This is fantastic news for the Highlands and Islands. I am pleased to see that there is a possibility of investment from the Green Investment Bank and I will be following up today’s exchange in the committee with a letter to the bank to try and help turn those words into action.”
He added: “Renewable energy projects, both large and small, on Scotland’s Islands are currently disadvantaged because they are unable to transport their energy to the grid.
“Because of their great natural resources their potential is massive – as the recent Scottish Islands Renewable Report illustrated – new submarine cables are urgently needed to transport the significant amounts of renewable electricity which can be generated on Scotland’s islands to mainland consumers, so these interconnectors would be a great low-risk investment for the bank. I sincerely hope that this investment possibility is followed up by the bank, and I look forward to hearing further from them on this matter.”