The Scottish Offshore Wind Energy Council’s (SOWEC’s) Strategic Investment Model (SIM) has selected three initial projects to move into Stage 2 of its programme.
SOWEC said that all three have accepted this invitation with initial meetings between offshore wind developers and these projects being arranged in February 2024.
Stage 2 aims to help deliver transformational offshore wind supply chain growth in Scotland through innovative collaboration between offshore wind developers, the Scottish Government, enterprise agencies and Crown Estate Scotland.
The projects selected are the Port of Cromarty Firth Expansion (Port of Cromarty Firth) (pictured); Port of Nigg West Deepwater Quay Expansion (Global Energy Group); and a supply chain investment project (for commercial confidentiality reasons its identity is not being disclosed at this time).
In Stage 2 the focus will be on how to ensure these projects have confidence to make a Final Investment Decision.
Offshore wind developers, Enterprise Agencies, Scottish Government and other interested parties, will work collaboratively to help these projects secure the backing they need to move ahead.
In testing its approach with the three initial projects, the SIM will be looking to better understand how different means of support can be brought together to help projects reach final investment decision.
The Scottish Government’s Energy Minister Gillian Martin said: “The Scottish Government is determined to maximise the economic opportunities and benefits from our offshore wind potential.
“We are kick-starting the First Minister’s flagship commitment of up to £500m over five years to anchor Scotland’s offshore wind supply-chain with investment of £67m next financial year.
“Moving these three projects – with a combined capital value of around £500m – to the next stage of the Strategic Investment Model (SIM) is a significant step.
“Around the globe, offshore wind faces challenges in securing the scale of investment needed to unlock its full potential. SIM is a novel, industry-led approach, which supports close collaboration between industry and the public sector.
“It is a model being closely watched by other sectors and the investment community.”
The wider SIM process is ongoing, with projects being assessed and supported to engage with offshore wind projects.
The next step for all projects is to receive feedback from the SIM through sight of the expressions of interest submitted by offshore wind developers for further engagement.
INTOG developers have also been invited to join the SIM and work within this collaborative approach to support infrastructure and supply chain development.