UK: Capital Investment Increased to GBP 9.6 Million during 2012/13

The 2013 Crown Estate Scotland report, published today, shows capital investment increased by 9 per cent during 2012/13 to £9.6 million.

Much of the investment has been provided to projects at a critical stage in development, helping to secure further funds by demonstrating their value and commercial potential. £5.9 million of the investment was in the energy and infrastructure portfolio including offshore wind, wave and tidal power.

Overall revenues in Scotland increased by 11 per cent to £13.7 million, representing 4 per cent of the UK total.

In 2012/13, The Crown Estate saw the two Round 3 offshore wind zones off the Scottish coast progress to planning stage, the first in the UK to do so, and the first application submitted for a marine energy project in the Pentland Firth & Orkney Waters programme.

The Crown Estate’s Scotland Commissioner, Gareth Baird, said: “Our work in Scotland delivers in key sectors such as offshore renewables, tourism, aquaculture and agriculture, supporting job creation, particularly in rural and coastal areas. Our UK-wide team and remit ensures our expertise and resources can be used to benefit Scotland, helping create and maximise new opportunities as they arise.

“In offshore renewables, we have worked to build and sustain the confidence of investors and developers, playing our part in meeting Scottish targets to reduce carbon emissions and generate green energy.”

In offshore wind, they ‘re working to drive down costs and encourage investment. This includes announcing a leasing round for test and demonstration projects, such as floating turbines, and delivering offshore wind cost reduction pathways study, a major piece of work that signalled the potential for cost reduction by 2020.

The year also saw us sign the UK’s first lease agreements for carbon dioxide (CO2) storage projects, one of which is located in the central North Sea, taking CO2 from the power station near Peterhead and injecting in the Goldeneye field. They also signalled their interest in investing up to £20 million in wave and tidal first arrays to help the industry grow.

The Crown Estate has also introduced new initiatives, Local Management Agreements (LMAs), to help organisations progress proposals for projects on the seabed and foreshore that will deliver local benefit. LMAs can help deliver long-term economic gains to communities that are often small and geographically isolated. There are currently two LMAs project, one at Portree on Skye and one on North Uist.

They have also progressed their major tourism initiative at Glenlivet estate in Moray, which will see them invest a total of £375,000 in a £500,000 project to develop mountain bike trails and a visitor centre.

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Press release, June 27, 2013; Image: thecrownestate