SNIB steps in to back stalled onshore wind project
Eilidh Mactaggart: funding had stalled
The Scottish National Investment Bank has stepped in to fill a gap in funding following the withdrawal of subsidies for onshore wind projects.
The bank is providing £13 million to ensure completion of the 800MW Iona onshore wind pipeline managed by Asper Investment Management.
Once fully operational, the project will be capable of saving 600,000 tonnes of carbon dioxide per year.
Eilidh Mactaggart, CEO of the Scottish National Investment Bank said: “The development of onshore wind in the UK has stalled since the removal of subsidies in 2015. The Bank’s investment has allowed Asper IM to reach the required scale to make the fund a reality.
“We are pleased to be working with Asper Investment Management who are committed to investing in businesses that develop, build and operate sustainable infrastructure and assets and have a track record in developing onshore wind projects.’’
Luis Quiroga, head of investor relations at Asper, said: “Asper’s expertise is to “build the new” infrastructure for the energy transition. And Iona’s investments will make a crucial contribution to Scotland’s future – helping to decarbonise its energy supply and boosting the Scottish economy.”
Asper estimates 12,800 kilotons of carbon dioxide will be saved by Iona’s assets in their lifetime, sufficient to power 850,000 homes with green energy.
Asper’s sustainability goals for its investments also include building sustainable, durable and efficient assets, to respect and foster the natural habitats around projects, to use only truly sustainable sources of fuel and to sustain local communities around projects.