Renewable Energy Investment Fund (REIF)
The Renewable Energy Investment Fund (REIF) provides financial assistance for projects that will:
Deliver energy from a renewable source, reduce the cost of renewable energy or provide key
Provide benefit to the economy of Scotland
Have a demonstrable funding gap for REIF to consider
Be at a sufficient stage of development to require REIF funding before March 2016
Examples of areas that REIF can support include: marine energy, community owned renewables, and renewable district heating, although this list is not exhaustive.
Companies and community groups working in the area of renewable energy at the test or commercialisation stage, and trying to assemble a funding package, are encouraged to make contact with the REIF team at an early stage in the process.
REIF is delivered by the Scottish Investment Bank on behalf of the Scottish Government, Scottish Enterprise and Highlands and Islands Enterprise. Scottish Enterprise manage applications.
Are you eligible?
All projects must have a demonstrable funding gap and the potential to provide economic benefits to Scotland.
In the marine sector, priority will be given to projects which involve:
Deployment and operation of arrays, as a step towards commercialisation for devices that have already been demonstrated at full-scale prototype stage.
Demonstration of innovative technologies that will decrease costs and remove risks associated with the installation, operation and maintenance of marine energy devices in arrays.
Community projects must have secured the relevant planning permissions and have an appropriate offer of grid connection. However, we are happy to talk to interested parties at an early stage. We work closely with the Community and Renewable Energy Scheme (‘CARES’) and Local Energy Scotland, and we understand the complexities of community-owned renewable initiatives.
Priority will be given to projects which:
Require investment levels above £400,000 (the upper limit of the existing District Heating Loan Scheme)
Have started discussions with a utility company regarding off take arrangement
Have completed a feasibility study
Please note: We are not restricted to these three areas. For any project, contacting us as early as possible will help us to assess your likely eligibility.
REIF is a discretionary fund, with projects assessed on a case by case basis. If you think your renewable project might fit the bill, talk to us early. The sooner we know, the more we can help.
What types of finance are available?
The fund can provide loans, guarantees and equity investments, all on fully commercial terms.
Can the fund support R&D projects?
No, the fund is designed to support projects at the test or commercialisation phase. Scottish Enterprise and Highlands and Islands Enterprise have separate funds for R&D projects.
Is there a deadline for applications?
The fund will run until March 2016. This means that projects must be in a position to draw down the investment before March 2016 (although the project itself may extend beyond this). Applications are accepted on a rolling basis.
What if I’m not eligible?
There are other funding schemes that may be alternatives, or complementary, to REIF. We would be happy to discuss these with you. We can work with you to shape your project appropriately.
How to apply
Begin your application by telling us about your project. This funding programme is managed by Scottish Entperise in partnership with HIE, you can call them on 0845 607 8787, or fill out a quick form on Scottish Enterprise's website to be contacted.
Find out more about how the REIF fund has supported 2 community groups realise their ambitions in our case study >