Crown Estate Scotland has paid £9m to the Scottish Government, from renewables and other schemes, during its first year of operation.
The organisation’s first annual report and accounts, published today, describes a wide-ranging programme of work, including designing new proposals for offshore wind leasing, with input from industry, government and non-governmental organisations.
Crown Estate Scotland manages seabed, rural estates, coastline and other land and property throughout Scotland.
The self-funding public corporation started operation in April 2017 and was required to immediately generate income.
The organisation’s performance in its first year has paved the way for long-term success as it prepares to work with the government to implement the Scottish Crown Estate Bill, which was approved by Parliament on 21 November 2018, growing the estate’s contribution to public funds and sustainable economic growth.
The £9m net revenue was against a target of £5.9m. Highlights include £10.1m raised in capital receipts for re-investment in the Scottish Crown Estate, £2.2m invested in rural estates and assets and a further £1m in wider activity to secure revenue and capital growth.
In this financial year, since 1 April 2018, Crown Estate Scotland has received £25m capital receipts from offshore wind.
The payments are from offshore wind developments achieving project milestones, or undergoing significant restructuring, and are the result of long-term investment by the previous manager of the Crown Estate in Scotland, The Crown Estate.
Crown Estate Scotland chair Amanda Bryan said: “The team are incredibly proud to have been able to pay £9m to Scottish Government, as well as delivering on a range of projects to ensure the land and property we manage benefits businesses, communities and families across Scotland.
“Although the numbers alone are impressive, the wider value we aim to create is just as important. Supporting innovation in renewables, encouraging communities to manage assets, ensuring people can access land to grow their business, secure their future livelihoods, and enjoy Scotland’s environment – all these activities are central to ensuring the Scottish Crown Estate benefits all of Scotland.”
Crown Estate Scotland will be consulting in 2019 on its next three-year corporate plan, including how to best use capital to deliver sustainable socio-economic benefits for Scotland.