The Scottish National Investment Bank has surpassed £1bn in committed capital with a £10m equity investment in Aurora Energy Services.
The Bank said the funding will support Aurora’s growth strategy and follows debt facilities provided in 2023.
It added that the commitment takes total capital invested alongside its own funding from private and public investors to more than £1.7bn.
Aurora, headquartered in Inverness, supports the renewable energy industry with services that extend the lifespan and performance of onshore and offshore assets and employs more than 100 people in Scotland.
As part of its expansion strategy, the company has entered markets including the United States, Australia and Chile and made six strategic acquisitions to strengthen its service offering.
Kate Forbes, (pictured) deputy first minister of Scotland, said: “Reaching £1 billion in committed investment and helping drive over £1.7 billion of third-party co-investment is a significant milestone for the Scottish National Investment Bank and for Scotland’s economy. The Bank plays a vital role in supporting businesses and investments that are driving innovation, transforming communities and accelerating Scotland’s transition to net zero.
“The Scottish Government is focused on greater economic growth, supporting communities to thrive and ensuring Scotland is at the forefront of the global energy transition. The Bank reaching this £1 billion milestone, supporting over 50 companies and attracting significant investment shows we are making real progress towards that ambition.”
David Ritchie, chief executive officer at the Bank, added: “Aurora’s expert team is delivering impressive growth aligned to a clear strategy. The company has become a trusted partner for the renewables industry in Scotland and internationally, and we’re proud to support the next stage of its journey.
“This investment marks a key milestone for us as an institution. The £1bn we have committed is strengthening businesses and projects all around Scotland, driving economic growth, delivering tangible benefits and supporting jobs.”
Doug Duguid, chief executive of Aurora Energy Services, said: “We are delighted to have the Bank become a shareholder. Aurora has already grown strongly in all its markets, and the Banks long-term support will help us continue to deliver on our strategy. We expect our revenue to increase by around 30% this year from £90m in 2026 to around £120m.
“This investment will be focused on increasing our range of training by enhancing our facility in Inverness, alongside additional workshop and offices in both Wick and Aberdeen and in the US. In addition, this investment will enable us to continue our development of new technologies like SQUID™ and Altitude – which enhance the economics of offshore and onshore wind.”
The Bank said the Aurora investment is part of a wider portfolio that includes backing for Octopus Capital’s affordable housing fund, SME builder Whiteburn and infrastructure projects such as Highview’s long-duration energy storage at Hunterston, the Deep Water Terminal at Stornoway Port and the Pentland floating wind farm.