Multimillion investment package for Stromness renewables company

Stromness-based company Scotrenewables Tidal Power Ltd has announced a final agreement of terms for a major multinational investment package totalling £7.6 million.

The companies providing the funding are Norwegian shipping and renewables specialists Fred Olsen, French oil major TOTAL,  and Swiss technology giant ABB Technology Ventures. The backing is in addition to £1.24 million funding provided through the Scottish Government’s WATERS2, announced by Scottish Deputy First Minister Nicola Sturgeon while visiting Orkney in August.

Scotrenewables say that the financing will fund the design, construction, installation and testing of their next generation commercial-scale, two-megawatt tidal turbine, the SR2000 which will be completed in spring 2014.