The Scottish Government is hosting an Edinburgh event today aimed at unlocking new private investment in the country’s rapidly growing offshore wind industry.

The Global Offshore Wind Investment Forum, which will be attended by stakeholders including investors and developers, will be hosted by first minister John Swinney.

The Forum is taking place following a Green Industrial Strategy Commitment to raise the profile of Scotland as a desirable destination for capital investment—with the Strategy identifying offshore wind as one of the five priority areas for Scottish Government resource and investment.

The government is investing up to £500 million over five years in the Scottish offshore wind supply chain to leverage an expected £1.5 billion of private investment.

Recent funding made as part of the Scottish Government’s commitment of up to £500m include the Scottish National Investment Bank’s investment in subsea cable manufacturer XLCC and anchor manufacturer Subsea Micropiles.

It’s also been announced today that up to £10m has been approved by the Highlands and Islands Enterprise to support a major redevelopment project at the Port of Nigg in the Highlands, aiming to increase capacity and capabilities at the port, and boosting activities across the country’s growing offshore wind operations.

Port of Nigg is recognised by developers as a prime location for the manufacturing and assembly of offshore wind components, and has a track record within Scotland’s offshore wind industry, having managed over 3.5GW of assets through the facility.

“The growth and success of Scotland’s offshore wind industry is not only an ambition of my Government, it is a priority for me personally,” said Swinney ahead of today’s event.

“Delivering on its promise will not only deliver our global climate obligations, but create significant new jobs and economic opportunities.

“History has shown that success stems from choosing the right time and place to capitalise on the next innovation of the era. We have already gained a significant first-mover advantage and laid the groundwork for success.

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“Now we are poised to move to the next stage of development and growth and reap the rewards of what we estimate could be a £100 billion market.

“The Global Offshore Wind investment Forum is about ‘Team Scotland’ showcasing the offer that Scotland’s offshore wind sector offers to global investors. We have a compelling story and a clear message that Scotland is open for business.”