ScotWind offshore auction raises £700m

The image is from the same source.

An auction of seabed plots for major offshore wind projects around the Scottish coast has netted 700 million dollars.

Seventeen projects covering a total of 7,000 km2 have been chosen in the first such leasing round in a decade.

Scottish Power Renewables offered nearly £144m for one floating farm and one fixed wind project off the coast.

Shell will pay £86m in option fees for a floating project.

The fees for two sites will be paid by the two companies.

The funds raised from the auction process went to the Scottish government.

The option agreements reserve the rights to specific areas of the ocean.

They include parts of the North Sea to the east of Angus, the outer Moray Firth, west of Orkney, and the north-west of both Lewis and Islay.

The image is from Crown Estate Scotland.

The image caption is.

There are many areas off the Scottish coast that could be used for offshore wind.

Major oil companies, utility firms and investment funds from around the world made bids at the ScotWind lease auction.

The results are a vote of confidence in Scotland's ability to transform the energy sector.

The investment in the Scottish economy is worth billions of pounds and will be delivered straight into the public finances.

It is hoped that as much as 10GW of new generating capacity could be built over the next decade as a result of the project, enough to power every home in Scotland.

The image is from the same source.

The auction was supposed to close at the end of March last year, but was delayed after a parallel English and Welsh auction resulted in far higher prices than expected.

If it stuck to its original guidelines, the company would lose hundreds of millions of pounds and it would have to raise the cap on the auction bids.

The Scottish government wants to reach net-zero emissions by 2045.

Wind power.
The island of Lewis.
The island of Orkney.
The island of Shetland.
The island of Islay.
There is renewable energy.