Scotland Doubles Down On Renewable Ambitions With £700 Million Wind Auction

ScotWind has raised £700m from an auction of seabed plots for a series of offshore wind projects, boosting the country's net-zero ambitions.

Seventeen projects have been selected from 74 applications, with options fees being passed to Holyrood for public spending.

The area of seabed covers 7,000km squared and was made available through the Scottish Government's Sectoral Marine Plan.

The auction was the first Scottish offshore wind leasing round in over a decade and first since the management of offshore wind rights was devolved to Scotland.

Scottish Power Renewables led the investment process, spending a combined £143.8m on multiple sites. Shell Energy spent the most on any individual site, putting up £86m for a 2,000 MW floating asset.

Other big investors include BP Alternative Energy Investments and SSE Energy led the investment process, both coughing up £85.9m in option fees to build 2,907 and 2,610 MW of energy respectively.

The results follow Glasgow hosting the COP26 climate conference, with the UK pledging to phase down coal usage by the end of the decade and reach net zero emissions by 2050. 

Scotland is pushing to reach net-zero as a devolved nation by 2045, aiming to reduce emissions of all major greenhouse gases by 75 percent by 2030.

By CityAM

More Top Reads From Oilprice.com:

• China's Attempt To Kill The Oil Rally Is Bound To Fail
• A Copper Crisis Threatens The Energy Transition
• $80 Oil Is Too Enticing For U.S. Drillers To Ignore