Community renewable energy projects that have successfully gained planning permission can apply for support from the Renewable Energy Investment Fund (REIF). REIF is delivered by the Scottish Investment Bank, on behalf of the Scottish Government, and is designed to build on the early stage support provided through the CARES scheme.
REIF offers a flexible lending service which can be tailored to individual community projects that have advanced to the delivery stage but still have challenging funding gaps. The majority of the investment opportunities are expected to arise from community led renewables projects but REIF can also consider larger and more bespoke deals involving the funding of community investments into projects led by private developers or utilities.
Further details on the eligible criteria for REIF funding can be accessed from the Scottish Enterprise website, Renewable Energy Investment Fund. The CARES scheme can guide communities through the REIF application procedures, providing advice and support for you to develop your project to a stage that is application ready.
To find out more about CARES loans, please contact your local development officer.
View a flyer about REIF here.
Gigha Green Power Limited
- Installation of a 330kW community-owned wind turbine on the Isle of Gigha
- REIF funding of £49k provided to bridge post-planning funding gap
- Helped secure senior debt from The Co-operative Bank
- Further funds committed to help maximise turbine export
- Expected return to community in excess of £1m over the project life.
"...without the support of key agencies, including the essential support we have received from the Scottish Investment Bank, which has provided funding at that crucial high risk stage between planning and development, we simply could not bring this project to fruition."
Willie McSporran MBE,
Chairman, Gigha Green Power Limited