Scotland Offers £10m Prize for Renewable Energy Projects

Four Scottish renewable energy companies are competing for a £10m Saltire Prize for the development of wave and tidal energy devices in Scottish waters.

ScottishPower Renewables, Aquamarine Power, Pelamis Wave Power and MeyGen will compete to see which company can manage to produce the most electricity over two-years, using only the power of the sea, the BBC reported. The contest closes at the end of 2016.

In recent months, Scotland has taken the world by storm with its ocean-energy ambitions and seeks to become a leader in technology that harnesses the energy of the deep seas.

The four projects include MeyGen’s six tidal turbines in the Pentland Firth, Pelamis’ wave power device at Farr Point, Aquamarine’s “Oyster” wave energy converter off the Isle of Lews, and ScottishPower Renewables’ tidal energy project off the coast of Caithness.

The BBC quoted MeyGen's chief executive, Dan Pearson, as saying that “the bar set by the Scottish government for this prestigious award is a high one. The challenge requires highly efficient devices, and a high level of resource and robust technical capability that is comparable to conventional renewable energy power stations."

Likewise, Aquamarine Power chief executive, Martin McAdam, said the prize would act as a "global catalyst... bringing together the best brains and financial muscle to crack one of the great challenges of our age".

By. Charles Kennedy of Oilprice.com