Nova Innovation welcomes REIF

Nova Innovation welcomes REIFNova Innovation, the Leith based tidal energy company charged with delivering the world’s first community owned tidal energy plant, welcomes the news of further investment in the renewable sector from First Minister Alex Salmond.
The £103 million Renewable Energy Investment Fund (REIF) will help to accelerate the development of marine energy in Scotland. It offers a combination of loans, loan guarantees and equity finance to renewable developments, with a particular focus on marine energy and community projects.
Scotland is leading the way in the marine energy sector, and the Nova Innovation turbine is Leith designed and Clyde built. Our first 30kW demonstrator device is currently under construction and will be deployed in early 2013 in the Bluemull Sound in Shetland. The project will provide power to a local ice-house and industrial estate and is owned by the local community – making it the world’s first community-owned tidal power project.
Nova Innovation is currently putting together investment which will allow it to expand its existing project and build the world’s first community-owned tidal power array at the same site.
Nova Innovation Director Gary Connor: “The perfect investor for any operation such as ours is international, and having funds such as this available makes our task of attracting investment more favourable. Scotland currently leads the world in this field and to keep ahead we need investment, backed by support such as the Renewable Energy Investment Fund.”