Increased investment shows confidence in Scotland, says Forbes

Increased investment in Scotland in recent months shows the level of confidence investors have in the country, the Deputy First Minister has said.

More than £850m has been announced for energy projects in the past four months, the Scottish Government has said, including an £800m commitment for two battery storage projects.

Speaking ahead of a Holyrood debate on Thursday, Kate Forbes said: “The increasing pace of investment announcements will create jobs across the country and is further evidence of growing private sector and investor confidence in Scotland’s economic potential.

“Scotland has the talent, skills and resources to become a major player in the global energy transition and the Scottish Government is determined to ensure that this happens.

“This includes investing up to half a billion pounds to unlock the additional private investment we need to realise this enormous opportunity.”

Ahead of the debate, the Scottish National Investment Bank announced a £6.7 million award to Subsea Micropiles, a company developing an anchor system for offshore construction, while Japanese company Marubeni has also invested £2.5 million and is committed to creating a manufacturing site in Scotland.

“The backing for Subsea Micropiles demonstrates the strategic approach the Scottish Government is taking alongside Scottish National Investment Bank and our enterprise agencies, focusing on bringing new investment and green jobs to Scotland while supporting the delivery of our burgeoning offshore wind capabilities,” the Deputy First Minister said.

“Next month we will host the Global Offshore Wind Supply Chain Forum in Edinburgh, bringing together international investors to discuss opportunities and further highlight what Scotland has to offer.”

The firm is based in Dublin but has an office in Banchory, Aberdeenshire, and the soon-to-be-announced manufacturing plant will increase its footprint in Scotland.

Subsea Micropiles chief executive Derek Robertson said: “There is so much potential in Scotland’s offshore wind market, and we are excited to play our part in the supply chain with our lower cost system that, critically, is less environmentally impactful.

“Our plan to manufacture anchors in Scotland will help reduce import requirements for key offshore components, and our technology will give further flexibility and reliability to developers by using smaller and more readily available vessels along with remote seabed drilling systems.”