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District heating receives Scottish renewables funding

First Minister Alex Salmond has launched a £103m fund for Scottish renewable energy projects.

The Renewable Energy Investment Fund (REIF) aims to attract more private investment to the sector.

Its priorities include wave and tidal energy, and renewable district heating.

Mr Salmond also declared plans to set up an advisory group to assist those seeking finance from the new UK Green Investment Bank and £4.3m funding for SSE’s offshore turbine test facility.

The REIF has been set up following a deal between the UK Treasury and the Scottish government over the release of funds from the fossil fuel levy.

The new fund aims to complement existing public and private sector finance schemes offered in Scotland, providing loan guarantees and equity finance together with co-investment partners.

REIF will be provided by the Scottish Investment Bank on behalf of the Scottish government and its enterprise agencies, with the first deals likely to be finished by the end of the financial year.

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