Source of Finance: Banks, investors, Scottish Government. Type of projects: Energy Efficiency. Subtype of projects: Dist
Renewable Energy Investment Fund Financial Instrument - General Level General Information Name of FI:
Renewable Energy Investment Fund
Country:
United Kingdom
Region:
Scotland
Model Description Ownership:
Public+private
Managing Authority:
The Scottish Investment Bank
Fund Manager:
Scottish Enterprise's investment arm
Timing:
2012-present
Fund size (Total funds - €)
N/A
Source of Finance:
Banks, investors, Scottish Government
Type of projects:
Energy Efficiency
Subtype of projects:
District heating, Photovoltaic solar panels, marine energy
FI description:
REIF can support marine energy, community-owned renewables, and renewable district heating, amongst other things. REIF was launched in October 2012 to promote the use of energy from specific renewable sources and drive further investment into key areas of Scotland’s renewables industry. Other recipients of REIF funding have included Islay Energy Community Benefit Society and the trading subsidiary of Fintry Development Trust. REIF is delivered by the Scottish Investment Bank, Scottish Enterprise's investment arm, on behalf of the Scottish Government and its Enterprise Agencies .
General targets:
Energy savings in EUR/year: Energy savings in kWh/year: NA Renewable energy produced in kWh/year: NA CO2 saved in tonnes/year: NA Levelised cost saved in EUR/kWh: NA
Main results achieved:
Energy savings in EUR/year: ? Energy savings in kWh/year: ? Renewable energy produced in kWh/year: ? CO2 saved in tonnes/year: ? Levelised cost saved in EUR/kWh: ?
Financial Model Description Type of beneficiaries:
Public + Private
Type of FI:
Loan + Guarantee + Equity
Repayment model:
Equity+Loan
Interesting links:
https://www.scottish-enterprise.com/services/attractinvestment/renewable-energy-investment-fund/
Other information:
Lock up period (payment start): More than 12 months Loan default rate ( % of unpaid or overdue loans): N/A Minimum interest rate, p.a.: ? Maximum interest rate, p.a.: ? Maximum repayment period, in months: ? Maximum % of project financed by FI: 1 Other: Supporting marine energy, community-owned renewables, and renewable district heating, among other things.
Project risk Profile Performance risk:
Fund Manager
Financial risk:
Fund Manager
The Isle of Mull’s community hydro-electric Project Example - Case Level - Example of a project funded from the described financial instrument Project title:
The Isle of Mull’s community hydro-electric
Country:
The Isle of Mull
Type of projects:
Energy Efficiency
Subtype of projects:
Electricity generation
Brief description of project:
A 400Kw hydro-electric scheme on the Allt Achadh na Moine burn in the Garmony Forest on the east side of Mull. When complete, it will generate enough electricity to power 280 homes, reducing the island’s carbon footprint by 450 tonnes. Income will come from electricity sales and feed- in -tariffs , with profits being invested entirely within the communities of Mull and Iona. It is estimated that over the first 20 years of the life of the project, the scheme will generate a turnove r of over £5 million, with net proceeds of up to £2.4 million. Total funding into the community amounts to 1,4mio. GBP (1,6mio. EUR).
Baseline:
N/A
Global budget invested:
505434
Payback period: Funding period:
2012-present
Specific conditions Lock up period:
Less than a month
Interest rate (%):
N/A
Repayment period (months):
?
% of project financed by FI:
0
Other specific conditions: N/A
Main figures achieved Energy saving in invoices (€) compared to the baseline achieved (%)
10% - 40%
CO₂ savings (%)
10% - 40%
Renewable Energy produced (kWh/year) Energy saving in consumption(kWh) compared to the baseline (%) Levelised cost (€/kWh)
N/A 10% - 40% ?
