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SCOTTISH GOVERNMENT APPROVES FIFE TAX INCREMENT FINANCING SCHEME

FIFE today welcomed the news that Scottish Government has approved its first phase bid for the Tax Increment Financing scheme, which could help deliver a major new phase of investment at Energy Park Fife, allowing the largest potential offshore wind projects to be attracted to Levenmouth.

FIFE today welcomed the news that Scottish Government has approved its first phase bid for the Tax Increment Financing scheme, which could help deliver a major new phase of investment at Energy Park Fife, allowing the largest potential offshore wind projects to be attracted to Levenmouth.

Councillor Tony Martin, Fife Council’s Strategic Chair for Environment, Enterprise and Transportation, said:

“This is a massive vote of confidence from Scottish Government in Fife’s work in the renewable energy sector. Our TIF proposal will, if the full business case is ultimately approved, deliver a £17m step-change investment in land and quayside infrastructure. The investment would help deliver up to 60 hectares of land as part of the Energy Park and allow us to turn Levenmouth into an industry “super-hub”.

“The proposal is that as new projects are attracted to Levenmouth, the Council can use income generated from additional Non-Domestic Rates to invest in expanding the various sites available within the Energy Park, and in improving transport links.”

“This industry is still in its infancy, and we cannot be complacent. But the Levenmouth area is well placed to be a leading player, as it is one of the key locations in the National Renewables Infrastructure Plan.”

“Invest in Fife has handled over 40 enquiries for the Energy Park over the past year, and it is anticipated that inward investors will start to make investment decisions over the next two years to allow production to commence from 2014 onwards.”

Fraser Phillips, Chair of the Fife Economy Partnership, commented:

“Renewable energy is one of Fife’s two priority sectors, and we are ambitious to secure a leading role for Fife. The Scottish Government’s Renewable Energy Routemap envisages 40,000 jobs in the sector by 2020.

“It’s important we build on the excellent work that has already been carried out at the Energy Park by Scottish Enterprise and Fife Council. The TIF scheme presents an opportunity to further enhance the Energy Park and make sure that the infrastructure is place to attract major projects to Fife.

“This expansion has the potential to create up to a thousand additional jobs by 2020, and the Fife Economy Partnership is committed to ensuring that the project becomes a reality.”

John Robertson, Managing Director of Burntisland Fabrications (Bifab), which has a major base at the Energy Park, commented:

“Renewable energy projects are potentially major employers, but due to the size of the components they require very significant quayside sites.

“The proposal to extend Energy Park Fife is an excellent one, and I look forward to working closely with the Council and Scottish Enterprise to explore this further and to help in targeting new employers to join Bifab on the site and make Methil one of the leading centres for offshore renewables”.

Full Story on the Scottish Government website

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