SP Energy Networks has launched a £15 million green economy fund to support initiatives focused on decarbonising Scotland’s heating and transport.
The company has pledged to voluntarily contribute up to £15 million over a two-year period to help fund initiatives to support Scotland’s “ambitious green energy plans” and local economic growth.
It has teamed up with Ofgem and the Scottish government and is also on the hunt for independent academic advisors.
Frank Mitchell, chief executive of SP Energy Networks, said: “We are proud of the performance of our business, it is leading the way in innovation for our industry and we recognise the importance of what we do every day to support the communities we serve.”
Paul Wheelhouse, the Scottish government’s minister for business, innovation and energy, added: “This is a very positive announcement by SP Energy Networks which aligns well with our own £60 million Low Carbon Innovation Fund, designed to help deliver the ambitious low carbon transport and heat goals set out in Scotland’s Energy Strategy.
“I look forward to working with Scottish Power Energy Networks to ensure that, in partnership, we can maximise the impact from our respective initiatives for Scotland.”
Investment for the new fund will be supplied via SP Energy Networks’ subsidiary business, SP Transmission, which is responsible for the transmission of electricity in central and southern Scotland.
As the company launched the fund on 5 March, Mitchell urged communities and business to come forward with their own ambitious projects to support Scotland’s low carbon future.
Initiatives seeking funding will be required to demonstrate “they truly have green credentials” and are targeted at areas that may ordinarily struggle to access funding.
Scottish Power recently appointed Keith Anderson as its chief executive, an internal promotion from his combined role as chief executive of Scottish Power Renewables (SPR), and chief corporate officer of Scottish Power.