Offshore Wind Projects Worth GBP 500 Million Move Forward in Scotland

January 25, 2024, by Adnan Memija

Scotland’s First Minister Humza Yousaf has revealed that three offshore offshore wind projects have been invited to move to Stage 2 of the Strategic Investment Model (SIM) process.

The announcement was made at the Scottish Renewables and Offshore Wind Conference in Glasgow.

In addition, INTOG offshore wind projects connected to the offshore oil and gas sector will also be invited to join the SIM process, according to the Scottish Offshore Wind Energy Council (SOWEC).

The three projects, which represent a mix of local and inward investment into ports, port infrastructure, and manufacturing, have a capital expenditure of around GBP 500 million (approximately EUR 584 million).

At this point, the projects were not named due to commercial sensitivity, the Scottish Government said.

The SIM is said to help deliver transformational offshore wind supply chain growth in Scotland through innovative collaboration between offshore wind developers, the Scottish Government, enterprise agencies, and Crown Estate Scotland.

“There are moments when certain industries can stand confident that when they look ahead, they will see a future in which they play a pivotal role in securing the wealth and wellbeing of a nation – Scotland’s offshore industry is at that moment,” said First Minister Yousaf.

“Together, we can create the right conditions to attract investment, build the supply chain, recruit and deliver the infrastructure needed to ensure that these projects will thrive.“

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Developed by SOWEC, SIM launched a first call for proposals from ports and supply chain companies in May last year. Of the 45 projects that went into the SIM process, 38 projects, which have a combined potential capital value of GBP 6.5 billion (about EUR 7.6 billion), completed Stage 1 review, SOWEC said.

According to SOWEC, in Stage 2 the focus will be on how to support infrastructure and supply chain projects in Scotland.

“Offshore wind developers, Enterprise Agencies, Scottish Government, Scottish National Investment Bank and other interested parties, will work collaboratively to help these projects gain the confidence and backing they need to move ahead. In testing its approach with the three initial projects, the SIM will be looking to better understand how different means of support can be brought together to help projects reach final investment decision,” SOWEC said.