A £6 million fund has been set up to boost cleaner, greener technologies to benefit all of eastern Scotland, and the epicentre is at Methil in Fife.

Deputy First Minister Nicol Stephen was in Methil yesterday to highlight Scotland’s determination to be a “world powerhouse for renewable energy” as he announced the Sigma Sustainable Energies Fund.

Financed by partners including the Scottish Executive and Scottish and Southern Energy, the fund will stimulate growth in the renewables sector.

The Fife Energy Park was chosen as the venue for the news due to its leading-edge position in the renewables sector thanks to its industrial space, workforce capability and deep-water harbour.

The Methil yard was used to build the world’s first viable wave-power machine, the Pelamis, which was created by Ocean Power Delivery, and vital components of the Beatrice wind far built by BiFab.

“Scotland has incredible potential to be a world leader in green energy and we have a target of 40% of our electricity to come from renewable sources by 2020,” said Mr Stephen.

“We have world-class universities and research facilities, skills and technology from our offshore energy industry, and many innovative and enterprising developers and companies.”

Ocean Power Delivery is “already setting the pace,” he said.

“They are exporting their Pelamis wave-power devices to Portugal, using Scottish skills to make it happen.

“I now want to see more Scottish companies exploiting the opportunities that exist.

“I have already announced £20 million for clean, green energy products and this new Sigma fund will further strengthen Scotland’s position.

“This fund will give other companies the opportunity to follow Ocean Power Delivery and I am particularly pleased to be able to channel £2.4 million European Regional Development Funding into developing the market.”

Local MSP Christine May said, “’Fife Energy Park is now recognised as the premier manufacturing facility for renewable energy projects in Scotland.”

She said the announcement “confirms Methil’s place on Scotland’s renewable energy map.”

“My campaign to gain acknowledgement of the importance of this location, with its deep-water launching facility, its vast fabrication capacity, good transport connections and a skilled and willing workforce is now bearing fruit,” she added.

“I am immensely proud of both what Fife Energy Park has to offer and what Scotland’s entrepreneurs and venture capitalists are doing to support the Scottish government to achieve its renewable energy targets.”

Joe Noble, chief executive of Scottish Enterprise Fife, said, “There is little doubt that the renewables energy sector will expand significantly in coming years.

“Our involvement in this venture capital fund complements our investment in the energy park at Methil perfectly.

“By providing the right environment in terms of funding and physical infrastructure we hope to accelerate the development of sustainable energy which is a key sector for Scottish Enterprise.”

Ian Marchant, chief executive of Scottish and Southern Energy, said, “We’re involved in a wide range of leading-edge projects with the objective of meeting demand for electricity while reducing emissions of carbon di-oxide.

“I hope that this new fund will give us opportunities to work with a variety of companies to help projects which are technically and commercially viable to become successful.

“The fund will complement our other investments in low and zero-carbon generation technologies and in demand-reduction technologies such as micro generation.”

Robin Presswood of Fife Council, said, “This announcement is really good news for the renewables sector, especially with our plans for the Fife Energy Park at Methil.”

The Sigma Sustainable Energies Fund will consider energy-related projects in a wide range of fields including wind, solar, hydro-electric, ocean, hydrogen, and geo-thermal.

It will also consider projects which develop home and community power systems, fuel cells and energy storage, control systems and energy efficient products or applications.