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Shetland Tidal Array Gains International Investment

The Edinburgh based company Nova Innovation has secured £1.85 million from European investors to fund green energy projects in Scotland.

The Belgium Company, ELSA have teamed up to build the Shetland Tidal Array, five 100kW tidal turbines in the Bluemull Sound site that will power the equivalent of 300 homes.

Scottish Enterprise is supporting Nova Innovation with £1.9 million of grant and loan funding for the project and to help accelerate the company’s growth of new projects across Europe. Nova Innovation will travel to the European Parliament in Brussels next week to showcase its renewables ambitions and seek further backing to support its future plans. The news comes weeks after Nova Innovation announced the successful deployment of the world’s first community owned tidal turbine in Shetland. 

Energy Minister, Fergus Ewing said “ELSA’s decision to invest in Scotland is a testament to the confidence felt by international investors to help develop the huge wave and tidal energy resources from the waters around the Scottish coast. The Scottish Government and its agencies will do everything we can to ensure Scotland benefits from the significant economic opportunities the renewables industry presents.”

More details can be found here:http://news.scotland.gov.uk/News/Scots-firm-nets-international-green-investment-db6.aspx

 

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