Bank determined to play a pivotal role in realising Scotland’s largest economic opportunity in a decade.
- Scotland's Offshore Wind Potential: Over 40GW of offshore wind capacity, with 60% set to be floating wind.
- Economic Impact: Up to £1.5 billion of Scottish supply chain opportunity on average per project
- Investment Needed: More than £4 billion required for critical infrastructure development.
- Current Investments: The Bank has invested just under £200 million across seven offshore wind opportunities, alongside around £700 million from third parties.
- Supply Chain Requirements: 6,820 blades, 2,273 towers, 1,227 floating foundations, 23,447km of cables, and 76,000 vessel days.
Scotland is widely viewed as a leader in offshore wind energy, with the potential to deploy over 40GW of capacity by 2035, according to a recent report by the Bank. This ambitious plan includes a significant focus on floating wind technology, which is expected to account for 60% of the total capacity.
The report highlights the enormous economic opportunity for Scotland, estimating up to £1.5 billion of Scottish supply chain opportunity on average per project. However, realizing this potential will require substantial investment in critical infrastructure, with more than £4 billion needed to develop ports, manufacturing facilities, and other essential components.
The Bank has already made significant strides in supporting the offshore wind sector, investing just under £200 million across seven projects, alongside approximately £700 million from third-party investors. These investments are aimed at addressing infrastructure bottlenecks, building a competitive supply chain in Scotland, and are designed to ensure that Scotland can meet these demands and capitalise on its first mover advantage in the floating wind market.
With a strong commitment to a just transition to net zero, the Bank is working to crowd in private sector capital and support the development of high-quality jobs and industries. As Scotland continues to lead the way in offshore wind innovation, the Bank's efforts will play a crucial role in securing a sustainable and prosperous future for the region.
