Around £5 billion of energy and infrastructure projects across the country are to be promoted to international investors as part of the UK’s first energy investment portfolio.
The international trade secretary, Liam Fox launched the portfolio yesterday (15 November), during a meeting of the Board of Trade in Swansea.
The portfolio comprises 11 new investment opportunities, including the £65 million Mishergas Waste-to-Fuel Plant in Bristol and the £60 million Carlton Forest Waste-to-Energy Plant in Nottinghamshire.
Two projects worth a projected £1 billion in Scotland, including Aberdeen Hydrogen are also included in the portfolio, along with UK-wide projects, such as Gridserve’s Electric Vehicle (EV) Forecourt Network and Pivot Power’s battery storage and EV charging project.
The department for international trade (DIT) will promote these opportunities to investors in 108 countries through its global network of HMTCs and in-country experts.
“The energy investment portfolio will deliver growth in new innovative sectors, encouraging creativity, creating jobs and driving prosperity across the UK,” said Fox.
“My international economic department has established relationships with the world’s most influential investors to ensure that the UK continues to be the top destination in Europe for foreign direct investment – and today’s announcement is further proof that there is huge demand for UK projects from investors.”
Investment minister Graham Stuart added: “The government’s commitment to clean growth and innovation provides huge investment opportunities in the UK’s energy sector, which already employs 181,000 people and generates the most offshore wind power in the world.
“The department has a global network of HMTCs and experts across more than 100 countries who are promoting the UK and attracting the backing needed to make these projects a reality.”
The news follows the publication of the latest edition of EY’s biannual Renewable Energy Country Attractiveness Index (RECAI), which claimed the UK has slipped one place to eighth due to a slowdown in investment ahead of the planned departure from the European Union.
EY said spending in the third quarter of 2018 was down 46 per cent year-on-year amid speculation over the impact of Brexit on power exports and the price of imported equipment.