The Scottish Government will seek to unlock £1.5 billion of private investment in the offshore wind industry when it hosts more than 100 stakeholders, including investors and developers at an event in Edinburgh on Monday.

First Minister John Swinney will tell the Global Offshore Wind Investment Forum that the sector is one of five priority areas for Scottish Government resources and investment.

It is investing up to £500 million over five years in the supply chain to leverage private funding.

Speaking ahead of the Forum, the First Minister said: “The growth and success of Scotland’s offshore wind industry is not only an ambition of my Government, it is a priority for me personally.

“Delivering on its promise will not only deliver our global climate obligations, but create significant new jobs and economic opportunities.

“History has shown that success stems from choosing the right time and place to capitalise on the next innovation of the era. We have already gained a significant first-mover advantage and laid the groundwork for success.

“Now we are poised to move to the next stage of development and growth and reap the rewards of what we estimate could be a £100bn market.

“The Global Offshore Wind investment Forum is about “Team Scotland” showcasing the offer that Scotland’s offshore wind sector offers to global investors. We have a compelling story and a clear message that Scotland is open for business.”

Deputy First Minister Kate Forbes, Acting Cabinet Secretary for Net Zero and Energy Gillian Martin and Employment and Investment Minister Tom Arthur will also take part in the Forum, which has been delivered by Scottish Enterprise.

Highlands and Islands Enterprise, South of Scotland Enterprise and Scottish National Investment Bank will also take part in the event. The UK Government will be represented.

The forum takes place against UK Energy and Net Zero Secretary Ed Miliband’s visit to Beijing where, among other issues, he is expected to discuss China’s potential investment in the North Sea. Its renewables company Mingyang has been linked to a contract to build turbines for a giant wind farm.

Update 17 March: Port of Nigg funding

As part of the government’s £500m investment, Highlands and Islands Enterprise (HIE) has approved up to £10 million to support development of Port of Nigg’s Inner East Quay, which will create a heavy-duty quayside and the introduction of roll-on roll-off capability.

The project, which is subject to formal approval by Global Energy Nigg, will increase capacity and capabilities at the port, attracting new companies and investment while supporting operations across the country’s growing offshore wind operations.