Main backer of Scottish carbon capture site to sell stake in project

One of the main backers of a proposed carbon capture and storage site in Scotland is selling its stake in the project.

Storegga is one of the main partners in the Acorn project at St Fergus in Aberdeenshire.

In the summer, the UK Government announced it was giving the project £200m of development funding as part of the spending review.

The company says it has “completed a strategic review” of its business and will now look to sell its stake.

A Storegga spokesperson said: “Storegga recently completed a strategic review of its business, capital requirements and future structure.

“As part of this, we are progressing a structured sales process for our portfolio of assets, including the sale of our interest in the Acorn CCS project.

“With Acorn approaching a more capital-intensive phase, and with both the UK and Scottish Governments signalling the importance of its timely delivery, we have concluded that a new long-term owner would be better placed to take the project forward.”

The company says work will continue while the search gets under way for a possible buyer.

Acorn has said its project will safeguard around 18,000 jobs in the North Sea that would otherwise have been lost.

The project captures emissions from industrial sites before they reach the atmosphere, storing them under the North Sea.